McMurry professor: Higher food& energy costs driving inflation
ABILENE, Texas - The Consumer Price Index has increased over the last quarter and last month inflation took an unexpected jump. This jump was high enough for the Federal Reserve to worry.
This spike is the highest it has been since October of 2012. The food industry also had its biggest increase in costs since August 2011.
Food is not the only one taking a spike. Airline tickets, insurance, energy and gas prices are increasing as well. In an attempt to bring down inflation, interest rates could rise, too.
"People all across the Big Country have seen their pay checks not go as far and that's what inflation does," said Dr. Katie Wick, assistant professor of economics at McMurry University.
This is affecting food costs across the country. While there are many reasons for this increase most of them are weather related.