East Texas economic expert breaks down the rise in consumer good prices

TYLER, Texas (KLTV) - Consumer prices hit another record high last month.

According to the Labor Department, consumer prices jumped overall 8.5% in March, compared to a year earlier.

“The highest increase within the last 40 years,” UT Tyler Acting Director and Senior Research Analyst of Hibbs Institute Manuel Reyes said.

Reyes said there are many factors that lead to the climbing prices: the pandemic, which lead to labor shortages, supply chain disruptions, and most recently, the Russian invasion of Ukraine.

Russia is one of the top oil suppliers so the invasion, “Results in an increase in gas prices and this not only affects the final consumers, us, but also transportation costs, making all goods more expensive,” Reyes said.

So when can consumers expect sticker shock relief? “This is a gradual process that will probably take the entire year,” Reyes said.

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