It should be noted that individuals who have noticed an increase in their weekly food spend are not alone in their findings. Inflation can be found in any part of the United States, even right here in Baton Rouge, Louisiana, according to the Federal Reserve.
According to Dek Terrell, an economist professor at Louisiana State University who also serves as the executive director of the Economics and Policy Research Group, “we are witnessing a broad increase in the cost of living across pretty much everything in the economy,” according to Terrell’s statement.
Since the beginning of this year, the cost of several necessities in Baton Rouge has increased as a result of rising inflation, including everything from fuel to housing. According to Terrell, the transportation business is one of the worst-affected industries in the country.
As Terrell points out, “the value of used autos increased by 44-45 percent last year, which is extraordinary growth in that category of investment.” As a result of the recent increase in the price of gasoline, you’ve most likely seen a significant increase in the price of gasoline in recent weeks,” says the author.
There are a variety of variables contributing to this tendency, according to Andrew Fitzgerald, BRAC’s senior vice president of business intelligence and analytics. His explanation goes on to say that the epidemic is merely one of several contributing reasons.
Fitzgerald said the present geopolitical challenges in Ukraine and Russia, along with supply chain bottlenecks, “will almost definitely continue to have an influence on our prices in the near future.”
Inflation in Baton Rouge is lower than the rate of inflation in other cities around the United States, which is a positive development.
Following the data, inflation was occurring in Baton Rouge, though at a lesser rate than the rest of America, as evidenced by the figures.
Tyler Baines, a research assistant at the Center for Regional Economic Competitiveness, concurred with Fitzgerald’s conclusions that Baton Rouge is performing marginally better than the average metropolitan city — but not significantly better — than the rest of the country (CREC).
Baines went on to say that when comparing this location to other urban areas, “there isn’t a huge difference, but it is less expensive in this spot.”
Baines believes that a pattern is emerging in the data from the Council for Community and Economic Research (C2ER), and that this pattern will continue to emerge in the future.
“The general trend is for costs to climb across the board, particularly in housing,” Baines noticed in particular. It is stated by the author that “the cost of housing is really high.”
Generally speaking, Terrell advises that if you are preparing to make a significant investment, you should not put off the purchase for any longer than is absolutely necessary.
If you’re going to need that refrigerator in the near future, and you assume that it’s going to be available now and in the next year, you might want to think about purchasing that item, says Terrell.