LAS VEGAS (KLAS) — If you feel like you’re paying more for everything, you’re absolutely right. Prices were pushed higher once again in May.
Capping off the biggest 12-month inflation spike since the financial crisis back in 2008.
Blaise Ridulfo and his son are cutting tile for a remodeling project. The contractor says supplies are hard to come by and about 40% more expensive than pre-pandemic.
“I’ve never seen this before, I’ve been in the business for 35 years,” said Ridulfo, Blaise construction corporation.
CBS News business analyst Jill Schlesinger says increased consumer demand is battling it out with a shortage of supplies. That’s showing up in higher prices on everyday products. She also points to the speed of the economy’s reopening.
It’s all leading to inflation which the federal reserve predicted as part of the pandemic recovery.
They believe it will be temporary but not everyone agrees
She recommends preparing for unprecedented times by saving more, paying off your debt, and maximizing your retirement contributions.