Inflation Hits 40-Year High: See Prices For Eastern PA Residents

PHILADELPHIA, PA — Consumer prices in the greater Philadelphia area have surged once again, increasing 5.6 percent over a 12-month period. The nationwide increase is 6.8 percent over that time, marking the highest such increase in nearly 40 years.

While prices increased across the board, prices for gas, food, used and new cars were the major contributors, according to the Bureau of Labor Statistics.

Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged just over 58 percent and food prices are up 6.1 percent in November over the past year.

The Labor Department also reported Friday that prices rose nationally 0.8% from October to November — a substantial increase, though slightly less than 0.9% increase from September to October.

Some economists are holding out hope that inflation will peak in the coming months and then gradually ease and provide some relief for consumers. They note that supply shortages in some industries have begun to gradually ease. And while higher energy costs will continue to burden consumers in the coming months, Americans will likely be spared from earlier forecasts that energy prices would reach record highs over the winter.

However, the price increases vary by region. The most recently available data show how much more consumers in the greater Philadelphia area paying for goods and services.

SEE ALSO: Why U.S. Inflation Is So High, And When It May Ease: Explainer

Here’s a look at where prices stood in October in Philadelphia and the surrounding suburbs.

Overall, local prices were up 5.6 percent over the 12-month period ending in October, and increased 1 percent over the two months previous to that.

Here’s a breakdown of how much more Philadelphia area residents are paying for everyday items:

Food and beverages

Prices were 3.7 percent higher compared to October 2020.

Prices for meats, poultry, fish and eggs are up 11.2 percent and prices for cereal and bakery products are up 5.2 percent.

Gas and transit

Prices for gasoline are up 41 percent, and overall prices for both new and used cars are up 222 percent.

Housing

Overall, prices are up 4.4 percent while rents are up 2.3 percent.

With reporting from The Associated Press