Consumer News: Oil prices keep going up, wage increases met by ongoing inflation and more
Consumer News with ABC Columbia is brought to you by Grow Financial.
CNN– 2021 was a rough year for motorists facing high gas prices, and more pain at the pump is here again. Oil prices have gone up for the sixth week in a row, causing gas prices here in the Midlands to jump nearly 5 cents per gallon, averaging $2.99 per gallon tonight. According to GasBuddy, the cheapest price in Columbia stands at $2.81 per gallon. U.S. crude oil was reported at $86.82 cents a barrel, up 0.2%. Nationwide, gas averages hit $3.34 a gallon.
CNN– Wages are on the rise in the United States, but so is inflation. That’s the bottom line from new Bureau of Labor Statistics data. Compensation is up about 4% between December 2020 and 2021. But, inflation wipes out those gains. Factoring in rising costs, paychecks took an almost 2% hit.
CNN– Americans are taking a huge hit at the grocery store. Between inflation, supply chain issues and the impact of the COVID-19 omicron variant, the cost of food is skyrocketing. Gabe Cohen explains why prices are soaring, and what you can do about it.
