Grocery bills are higher and the prices at the gas pump just keep increasing as inflation continues to push up costs.
Since these prices are expected to stick around, it’s forcing some stay-at-home parents to head back to work.
Economists have said that Arkansas families are now estimated to be spending roughly an additional $450 each month due to inflation.
Many parents face a perfect storm of supply constraints and strong demand on the products and services they rely on, even as the pandemic wanes.
According to childcare advocacy group ChildCare Aware of America, 82% of Arkansans were unable to afford childcare services as recently as 2020.
Michael Pakko, the Chief Economist and State Economic Forecaster at the Arkansas Economic Development Institute says we’ll start seeing lower inflation rates over the next few years though he’s not so sure on the overall price.
“That doesn’t mean that we’re going to see prices come back down again… that just means that the pace of inflation should be slowing,” Pakko said.
See the full article from THV11.com here.