Inflation Rates Increasing Across The Country

Tuesday, October 19th 2021, 12:38 pm
By: Jordan Dafnis


The Bureau of Labor Statistics said inflation has increased 5.4% for the 12 months ending in September, and that is the highest rate in more than a decade. 

Benjamin Keen, an associate professor of economics at OU, said it is hard for economists to predict exactly what the future holds. 

He said for some items, prices are expected to go down or at least become more reasonable but for some things we should expect the increased prices to stay. 

Oklahomans may notice higher prices at a lot of different places including the grocery store or while shopping for home goods, cars and houses. 

As the temperature decreases, he said you should expect your heating bill to go up this winter. 

"I think be prepared. I think as an individual, the best thing you can do is be prepared maybe set a little money aside for home heating bills either that or be willing to take the thermostat and turn it down a couple degrees," said Keen. 

Keen said this is because of a variety of issues including problems with supply-chains, higher fuel costs and a shortage of workers and an increase in the cost of lumber. 

But he said there is some relief on the way at least for retirees. 

"One of the good things is that social security checks will be increasing by 5.9% come 2022 so for retirees they are going to have more money in their pocket to respond to this inflation," Keen said.