TAMPA, Fla. — Melissa Galvoic is walking into Hand and Stone Massage and Facial Spa for the last time, at least for the foreseeable future.
“I’m going to get a massage, but I’m also going to cancel my membership because the cost of things are just way too high right,” she said.
Her rent, groceries, and electricity have all gone up. Her rent alone is $100 more, she said.
Shelly Perez is in the same boat. She’s retired and lives on a fixed income.
“It does hurt when you have to keep dipping into your savings account to make everything get covered,” she said.
The higher prices are all due to inflation. And despite the fact that inflation has dipped a bit, Americans are still paying more. According to ABC News, the average American family is spending nearly $400 more. Grocery prices are up almost 11%, and rent is up nearly 8%.
“Higher prices are the new norm,” said Professor Victor Claar, "The only question now is how quickly or how slowly they’ll continue to rise from here.”
Professor Claar is an associate professor at the Lutgert College of Business at Florida Gulf Coast University. He said Americans should expect to see costs be even higher next month.
“Inflation is brutal. That’s one of the reasons the federal authorities need to get inflation under control,” said Claar.
The federal reserve system is working to get inflation rates back to 2% a year by the end of 2024. The fact that it’s going to take that long, Claar said it’s time working people go to their bosses.
“It’s not a bad time to ask for more money or just some other thing that might make your working life better."
