FAYETTEVILLE, Ark. (KNWA/KFTA) — The country saw a high inflation rate over the past year and Northwest Arkansans are seeing its impact on their pocketbooks.
Rogers Resident Al Harris said the high prices have changed the way he spends his money.
“It hurts my pocketbook, I’m retired and it kind of limits me on what I purchase,” Harris said.
Inflation rose 7.5% over the past year, which is a 40 year high. Economist Jeff Cooperstein said inflation impacts everyone.
“Because we have inflation, a lot of people just feel a lot of angst, a lot of anguish,” Cooperstein said. “Of course, you are seeing your paycheck eaten up.”
Coopertsein said the supply chain issues and people’s changing preferences because of the pandemic have contributed to the high prices.
“The global supply chain is still not operating efficiently and so I think that’s the number one driver in that we’re seeing inflation in the broad sense,” Cooperstein said.
Cooperstein said he predicts inflation will be around for a while.
“I think by the end of the year going back down to a more normal rate of inflation, and especially going into 2023,” Cooperstein said.
Cooperstein added that as the supply chain improves, he expects prices to also stabilize.