Some Arkansas businesses feeling impact of highest inflation rate in 30 years

From October 2020 to October 2021, the U.S saw a 6.2% increase in inflation which is the highest increase the country has seen since 1990.

“Compared to October 2020 prices generally are over 6% higher than they were then,” Michael Pakko, the chief economist at the Arkansas Economic Development Institute said. “The figure for the month was nearly a full percentage point just from September to October.”

Pakko said the federal reserve believes a stable, steady inflation rate is 2% a year.

Pakko said the items that have seen a sharp price spike may level out, but overall prices aren’t likely to fall down. Overall, he said the highest price increase was in energy, rent and oil. But Pakko said there is some good news for Arkansans.

President Joe Biden addressed the inflation rate increase Wednesday and said that his administration is tracking the issues and trying to figure out how to tackle them head on.

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