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Prices are soaring for lumber, other consumer goods
Ken Suarez reports
TAMPA, Fla. - Stan Morrow just built a new fence on his horse farm in Plant City to try and keep his wife’s warmblood, Brietta, contained. She is a born jumper.
"We had to build a high board fence to keep ‘em in," Morrow told FOX 13. "It was unbelievably expensive."
The cost of some cuts of wood has doubled in the last year or so. That was enough to convince Morrow and his wife, Kimberly to do the back-breaking work themselves, rather than hiring someone else to do the job.
The price of lumber is not the only thing that's soaring. Some say almost every bill, no matter what it is, is higher than it was last time.
There is an explanation for that. Inflation rose by almost 3% throughout 2020, and demand is up.
Gas prices are up. In March, the price per gallon increased more than 9%. That made the price 22.5% higher than it was the year before.
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Groceries are pricier. Cathy Kudlinski’s went up $25 to $30 a week over the last year or so.
In March alone, food prices jumped by more than 3%.
"I bargain shop, for sure," she said. "I make sure I am checking all the local stores for the best prices, then some things I just cut out."
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The job market is heating up just in time for the busiest travel season.
Her husband, Scott, is feeling the economic pressure. His labor costs at Absolute Auto Repair in Dover are higher than ever.
"[Employees] are in short supply," Kudlinski said. "So their value is going up."
To keep up with rising salaries, he just increased the hourly rate from $85 to $100.
Economists say some prices are going to come back down again, but not for a while.