SAN FRANCISCO (KPIX) — New government data shows consumer prices surged last month, up 6.8 percent in the past year — the biggest jump since 1982.
That has retail patrons feeling the pinch with the holiday shopping season in full swing.
Tricia Decarli, from Petaluma, was looking for good buys in San Francisco’s Union Square on Friday.
“(Inflation’s) affecting everyone,” Decarli said.
“If you think that this is going to be behind us in the next couple of months, it’s not. We are going to see higher prices, probably well into next year,” said CBS News business analyst Jill Schlesinger.
The cost of everyday food items continues to rise. The cost of beef and bacon are up more than 20 percent compared to the same time last year.
“I’m more appreciative when I eat it. That’s the way that works. Don’t just throw it away. You got half a steak left, you save it and have a steak salad tomorrow,” said Sushawn Robb of San Francisco.
The Biden administration expects prices to decrease in the weeks and months ahead, partly because of lower shipping costs.
“If the costs of shipping a container is less expensive, it means more goods can be shipped. There should be more on the shelves and the costs of goods should come down,” said White House press secretary Jen Psaki.
Consumers can only hope that the downward trend continues.
“Budget where you can and only buy the necessities,” Decarli advised.
“Everything is more expensive, that’s true, but I noticed at the shops they’re offering a lot of discounts,” said Lee Jenkins of San Francisco.