Feeling The Pinch: Inflation Hits Shoppers And Homeowners Alike

Inflation is on the rise for the third month in a row, according to the US Bureau of Labor Statistics. People say they are feeling the hits to the wallet at the gas pumps, grocery stores and in the housing market.

New labor statistics show food and fuel prices rose compared to this time last year. The data says the cost of rent and car repairs are up, too.

“$200 gets me three bags of groceries now,” said Kane Stevenson, Tulsa. “I have to feed a family. It gets kind of hard.”

Others feel the same pain.

“Especially when you have grandchildren that’s with you over the weekend or when school is out,” said Donna Wilson, Tulsa. “It’s really expensive.”

The hike continues to hurt the housing market.

“Inflation impacts it in the cost of the product, but because inflation is high, rates are high,” said Don Burns, a realtor with McGraw Realtors. “That slows down demand as well.”

Burns says many in the market felt federal interest rates could come down this summer. That feeling is now in limbo.

“I think the ultimate impact for real estate is that there might be a chance we don’t get the fed to lower the fed’s fund rate until later in the year,” he said.

Burns says higher interest rates create lower inventory because buyers will be hesitant to sell.

“These prices are not going back to pre-COVID,” he said. “What we’re hoping for is that they stop increasing at the rate they are now.”

First-time home buyers could really feel the burden of increased inflation simply because of inventory.

Burns says there is still a way to buy a house, but buyers should find a realtor or advisor to help