SHAWANO, WI- The proof is in the price posted on your local gas pump and it pops up when you buy a loaf of bread or a ribeye steak. Inflation is a real “thing” for people living in Wisconsin.
State Representative Gary Tauchen says it is a big problem in the state.
“The cost of metal has gone up 140 percent and the price of steel has gone up 200 percent. This is the steepest rate of inflation in 40 years.”
Some inflation is normal and essential for a healthy, growing economy. But, that would be about two percent. Inflation last month hit a 39-year high when the consumer price index jumped six-point-eight percent from November of last year.
“We have a real problem in the global supply chain.”
Grocery prices are up by six-point-four percent, according to the U-S Department of Labor, and gas prices were more than six percent higher. Gas prices are also 58 percent higher than this month last year and that impacts the cost of airfare and shipping goods.
“We relied a lot on last-minute inventories, so if you had a business you did not need to have storage for things, but that messed up the supply chain and businesses are struggling to get the products that they need and a lot of businesses are resorting to getting what they need on eBay,” Tauchen said.
As far as an answer, Tauchen says it has nothing to do with economic practices, it has to do with health.
“The economists say the answer is in vaccines. This virus has resulted in an unpredictable economy,” Tauchen said. “COVID-19 is going to have to be under control for us to move forward.”
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