The industry feeling the greatest impact of inflation in Central Florida is the housing market, according to an expert on the subject.
But Sean Snaith, the director of the University of Central Florida’s Institute for Economic Forecasting, said the group hurting the most are low-income earners and those with a fixed income.
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Snaith said they may not have the ability to work additional hours to bring in more money yet still have to deal with the rising costs of basic items, like groceries and gasoline.
The latest inflation report, out today, shows the Consumer Price Index rose 9.1% in June from last year. Those figures include a 10.4% increase for food and a 41.6% increase in energy.
“It’s also important to remember that this data is a look in the rearview mirror. It’s what transpired in June. It’s not necessarily reflective of what we are already seeing here in July,” Snaith said.
The U.S. Energy Information Administration reported June gas prices hit an average cost of roughly $4.72 per gallon in Florida — more than double the cost during the same period two years ago.
Snaith told News 6 that relief may not come for another 12-to-14 months. While many speculate the U.S. could be on the brink of a recession, Snaith explained we’re already in it.
“I do think we are in a recession, and we won’t officially have that declaration for another year, at least, but you know people are struggling — households struggling with food cost and transportation cost, high shelter cost,” Snaith said.
He said it could take a year to a year-and-a-half to get general inflation levels back down to about 2% — a figure that hasn’t been reached since early 2021, according to reports from the U.S Bureau of Labor Statistics.