Tulsa Residents Feel The Pain Of Rising Inflation

New numbers released by the federal government on Thursday, March 10 are painting a grim picture for American's and Oklahoman's wallets. The Labor Department said consumer inflation jumped 7.9-percent over the past year; the biggest spike since 1982.

Thursday, March 10th 2022, 6:24 pm



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New numbers released by the federal government on Thursday, March 10 are painting a grim picture for American's and Oklahoman's wallets. The Labor Department said consumer inflation jumped 7.9-percent over the past year; the biggest spike since 1982.

"We all have gone to the stores, to the gas station, to even getting your tax return done, everything is more expensive," said Paul Hood, the CEO of Hood & Associate’s CPAs in Tulsa.

Hood said the inflation rate may actually be higher, since that 7.9-percent number is a snap shot in time from last month. Hood said a couple of factors are at play.

"One, people's emotions, fears,” he said. “And two, government spending. So until we reign in government spending, and unfortunately right now, it's out of control, inflation is going to continue to rise."

Oklahoma shoppers don't need to be reminded.

"They've been going up for a while. It's been really tough,” said Maggie Hutchison, who was shopping in Tulsa on Thursday.

Hutchison said she goes to the dollar store to pick up smaller grocery items.

"I can't get a whole lot, but they have eggs here that are only 6 to a carton which is nice," she said.

Hood said other economic indicators like spending are still good, but he's encouraging families to make a budget and watch where your money goes.

"In tough times, we have to make decisions as to whether we go to the movies or we buy that gallon of milk. So you have to be more intentional, more deliberate on where your money is going," said Hood.

The federal reserve is expected to raise interest rates several times this year to try to slow inflation.

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