Prices In Georgia Surge Nearly 8 Percent As Inflation Hits 40-Year High

GEORGIA — Consumer prices in metro Atlanta increased nearly 8 percent from a year ago amid a nationwide spike in costs for goods that matches a 40-year high.

While prices have increased 6.8 percent nationally since 2020 for things like food, gas, used cars and trucks and housing, the U.S. Bureau of Labor Statistics paints a much gloomier picture for the eight-county metro region with a 7.9 percent from October to the same time last year.

Nationally, food prices were up 6.1 percent and the cost of gasoline surged just past 58 percent in November over the past 12 months, the Bureau of Labor Statistics said when it released its latest numbers on Friday

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

Fueling the jump in inflation has been a mix of factors resulting from the swift rebound from the pandemic recession: A flood of government stimulus, ultra-low rates engineered by the Federal Reserve, and supply shortages at factories. Manufacturers have been slowed by heavier-than-expected customer demand, COVID-related shutdowns, and overwhelmed ports and freight yards.

Employers, struggling with worker shortages, have also been raising pay, and many of them have boosted prices to offset their higher labor costs, thereby adding to inflation. The result has been price jumps for goods ranging from food and used vehicles to electronics, household furnishings and rental cars. The average price of a used vehicle rocketed nearly 28 percent from November 2020 to last month — to a record $29,011, according to data compiled by Edmunds.com.

Bolstered by confidence from some economists that better days are ahead, President Joe Biden projected faith that prices would soon begin to trend downward.

“I think it’s the peak of the crisis, and I think you’ll see a change sooner and more rapidly than most people think” to more moderate price increases, Biden said.

Still, the differences in regions can be stark. The Philadelphia metropolitan area saw only a 5.6 percent year-over-year increase.

Here is how prices increased in Metro Atlanta over the past year.

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

Food and beverages

Prices were 2.4 percent higher compared to October 2020.

Prices for meats, poultry, fish and eggs are up 7.6 percent and prices for cereal and bakery products are up 2.7 percent.

Gas and transit

Prices for gasoline are up 55.7 percent, and overall prices for used cars and trucks are up 26.2 percent.

Housing

Overall, prices are up 6 percent while rents are up 7.5 percent.

— The Associated Press contributed.

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