NEW YORK (CBSNewYork) — You’ve probably noticed that everything you need to buy is a little bit more expensive lately, including gas and groceries. That’s because inflation continues to rear its ugly head.
Whether it’s the price at the pump or the cost of buying eggs and milk, sticker shock is hitting families where they feel it most.READ MORE: Stephen Sondheim, Legend Of The Broadway Musical, Dead At 91
“It’s getting expensive to have a car in New York City,” Alec Ruiz said.
“It’s like the price of a pair of shoes to fill your car essentially,” Staci Cunliffe said.
“The water, the milk. There’s nothing that we can buy that is actually affordable for us now,” Manhattan resident Howard Heras said.
As CBS2’s Kiran Dhillon reports, the price increases are a result of the sharpest monthly rise in inflation in 30 years. Consumer prices increased 6.2% in October from a year ago.
The cost of gasoline is also up, jumping more than 50% on average over the last 12 months.
Experts says ongoing supply chain issues and labor shortages fueled by the pandemic, along with supply and demand imbalances, are driving the higher prices.
The hikes are frustrating for consumers. Many saying they’re now looking for ways to cut back.READ MORE: Gov. Hochul: No Known Cases Of New COVID Variant 'Omicron' In New York
“Our pay isn’t really keeping up. We do have marginal increases, but they’re not keeping up with inflation at all,” one person said.
Sunday, Sen. Chuck Schumer called on President Joe Biden to tap into the nation’s Strategic Petroleum Reserve to provide temporary relief at the pump, especially ahead of holiday travel.
“Now with these supply chain problems, it’s the time to use it, but now is also the time to get on the path to a green energy future where we don’t have to rely on fossil fuels,” Schumer said.
Last week, Biden said his $1 trillion infrastructure package will help ease supply bottlenecks.
On Sunday, the White House Director of the National Economic Council, Brian Deese, agreed.
“This bill is actually going to address the core cost that American families are facing in child care, in housing, in health care,” he said.
Some experts say the higher prices may be around for awhile.
Meanwhile, the Federal Reserve has said it is considering a variety of measures, including raising the benchmark interest rates, to help curb inflation.MORE NEWS: Police: Young Firefighter Dies In Fire In His Own Westchester County Home
CBS2’s Kiran Dhillon contributed to this report.