DADE CITY, Fla. (WFTS) — Inflation is finally cooling down but you're probably not feeling it in your pockets.
Last week, the US Bureau of Labor Statistics released its Consumer Price Index. That report shows that while inflation as a whole is cooling, the cost of necessities remains high.
"The Consumer Price Index basically calculates the cost of living. So what it does is it says, 'What is it that the average person spends their money on?' So it's going to take into account everything from, you know, housing, to health care, to food to everything that an average consumer is going to consume?" University of South Florida Economy Professor Michael Snipes explained.
"Once they calculate how much it's going to cost for the average American to make their purchases, well, then they can set up something called the Consumer Price Index, which is really just a ratio of how much it costs to make my purchases today, versus how much it makes or how much it costs to make my purchases at some point in the past," Snipes added.
The latest numbers show Americans are paying more for food than they have in the last 30 years. Eating is costing more than 11 percent f a family's budget nationally. It's even worse for Tampa Bay families. Nationally, the grocery inflation is 1.2%. However, in Tampa Bay, it's up to 2.4%. Dairy products are the biggest driver of this increase. Eating out at restaurants is also more expensive. Nationally, inflation is up by 5.2%. In Tampa Bay, that number is 6.5%
As everyday people find it harder and harder to stock their pantries, they're turning to resources like food pantries and giveaways.
"I know if you want a tomato, you're gonna pay about $3. Oh, that's crazy. And I love them," Lova Peters joked.
Peters was one of hundred who lined up at the UF/IFIS Pasco Couty Extension location in Dade City Thursday morning.
"Used to be you go in with $30 you could buy a week's groceries and your kid's underwear, you know, but now you can't even you can't even buy your groceries," she said.
The need is so evident that lines of traffic wrapped around the building more than two hours before the giveaway began.
Due to traffic concerns, the team started to give food out earlier than planned. And by the originally scheduled opening, they were already out of food.
"It's nice, because I'm gonna say it loosens up your money. So you've got money to pay your bills and your doctor and restricting something that helps. That helps," Peters said.
Linda Ray was also in that line, collecting fresh local produce from Farm Share.
"A lot of us are on a fixed income, and we can't afford the higher cost of everything," she said.
Once a month, Farm Share and Pasco County Sheriff's Office host the food giveaway.
Aimee Schlitt works with UF/IFIS, the site of the February giveaway.
"The food that we get is from farmers who have an abundance of their food. They give it to the Pasco County Sheriff's Office, which the Pasco County Sheriff's Office then gives the food they have monthly throughout the county in different areas in different locations. And then, that way, residents can have fresh produce and have access to good to good food," said Schlitt.
However, the need is growing. That's apparent by the turnout on Thursday. And that's why the UF/IFIS team is working to do more to help.
"We are getting ready to open up our food pantry at One Stop Shop on March 1. We will be supplying food to families on Tuesdays and Fridays from 1 P.M. to 4 P.M. And families will be able to get a box of food once a week as they come. But this is definitely a need that we see within our community and that we want to support," she added.
Amid the pandemic, supply issues became a common excuse for rising costs. We asked Snipes if that's still the case.
"It's been four years, and the labor markets, at least statistically, the labor markets are back to pre-COVID levels. Really, the story of supply chain issues is really just not gonna fly anymore. And it hasn't really flown for a couple of years, but they keep flying it," he answered.
While inflation as a whole is decreasing, Snipes explains why we aren't seeing an equal decrease in costs like food and housing.
"I have to have food. I have to have shelter. And so because these are necessities, there's no real downward pressure on price. So if prices get too high, say for rent or for groceries, or for restaurant meals, because of the type of good as because it's a necessity, there's no real pressure on producers to lower the price back to pre-pandemic levels," said Snipes.
While it may sound bleak for the future of food costs;
"Things are tough, but I do think that there's reason to be optimistic for the rest of the year," he added.
That could be good news for the people who depend on resources like farm share.
"I just think it's great that they're trying to help everyone. I don't always need food, but when I do, it's good to have this," said Ray.
