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Inflation levels rising at record pace, catching up to rising gas and food prices across the country

Some of this is pandemic related, due to energy production going down in the spring of 2020.

BOWLING GREEN, Ohio — If you've noticed everyday items getting a little more expensive lately, you're not alone. 

Prices for gas, food and other necessities are going up due to inflation levels increasing.

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Economists define inflation as a general increase in the level of all prices. Over the past few decades there have been low levels of inflation. Most of the time the inflation level is at about 2%, but lately it's been spiking up to about 6%, which is why you may be noticing many everyday items being more expensive.

Some of this is pandemic related, due to energy production decreasing in the spring of 2020. Additionally, labor shortages among food processors and other food businesses are still an issue. 

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"And you can see that places that have labor shortages are increasing their prices because they have to attract workers at $15 an hour at the Arby's and the Burger King. And so, that's a consequence," said Bowling Green State University Economics Department Chair Peter Vanderhart.

Right now supply chain issues have to sort themselves out in order for things to level out, which could take about a year. However, not everything is getting more expensive. 

Vanderhart said clothing prices have remained relatively steady and will likely stay that way.

"Ultimately inflation is caused by too many dollars chasing too few goods and we have too few goods because of the pandemic," he said. "But we might also have too many dollars because of federal reserve policy."

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