WEST VIRGINIA (WOAY) – With the price of groceries, gas and other consumer goods skyrocketing, Americans face the biggest inflation problem seen in decades.
According to a study by Quote Wizard, the rising inflation is having a significant impact on West Virginians. The study says 59% of residents in the Mountain State are having a hard time paying for their household expenses.
Director of WVU Business and Economic Research John Deskins confirms its impact.
“This is having a real impact on many, many households,” Deskins says. “In many cases it makes it difficult for households to meet their monthly budgets with higher prices, especially those households that haven’t seen an increase in pay lately, so this is a tough economic time and it’s really created a challenge for households everywhere in the country and here in West Virginia.”
Deskins says the cause of the major inflation centers around two main factors that rose out of COVID-19, the demand in goods causing supply shortages and the ongoing shortage in the workforce.