LAS VEGAS (KTNV) — The Bureau of Labor says this is the highest inflation to hit since 1982. Prices for groceries, gas, and other items surging compared to previous years.
Simply put inflation is a decrease in the loss of a currency's value. Experts say supply chain concerns and a tightening labor market also got us to where we are.
“Inflation normally gets caused when the demand for something goes up and the supply goes down. Right now as you could see at the supermarket there’s a shortage of goods, and when people still demand those goods, the prices go up," Steven Butin, financial analyst, said.
Local businesses have had to adjust to the changes and increase their prices.
Art Houz Theaters was forced to increase some of their prices, but also keep it at prices where customers would return.
“We’re trying to keep them relatively the same as we can. You know maybe a dollar or two here or there, and we’re kind of eating that cost. It’s not the best business model to run by. It is something that, in order to continue to grow and keep the clientele coming back is absorbing that extra cost coming through us from our vendors and the shipping shortages," Shawn Barrack, Director of Operations for Art Houz Theaters, said.
The theater has seen an increase in many items including limes, avocados, and especially meats.
“I would say close to 100% from 2019. It’s almost doubled in price. I can’t imagine it’s going to go down especially Super Bowl coming up. You know one of the largest chicken wing sales in the year is on Súper bowl," Barrack said.
Prices for almost everything are on the rise. Meat, poultry, fish, and eggs are up 12.5% from a year ago. Rent is up almost four percent and car rental prices are up almost 40%. And shoppers are witnessing this firsthand.
“You could get a decent meal for a couple 50-70 dollars, today just to give you an example we’re staying at one of the top-end resorts and casinos that are strictly just a buffet is $85 a person," one shopper said.
Financial Analyst Steve Budin says there are things families can do to get more for their dollar.
“Couple things you can do to try and fight these higher prices, number one: buy in bulk. Usually, the larger item size of a particular item let’s say breakfast cereal," Budin said.
Another trick to saving money is going old school.
“Sounds old fashion but clipping those coupons. Anytime you check out of the grocery store your receipt usually has lots of coupons on the back and online there are all kinds of resources that help you price shop," Budin said.
But there is light at the end of the tunnel. Budin says eventually we will see these inflation rates go down.
"If rents keep going up 20% per year, eventually nobody could afford it. And if nobody could afford it the market will force the prices to come down," Budin said.