Inflation is expected in a transaction-based economy, but it only goes so far up depending on the market or public fear.
One example of this is the 2020 COVID-19 pandemic, which caused worldwide fear. Prices of almost everything had skyrocketed, and for good reason, people were afraid of how long the lockdown would last. As far as they knew, they would be stuck at home for months or years. Even now, we are still recovering from the epidemic.
Inflation might not be as bad now, but it is certainly getting there. The price of 60 eggs is 28 dollars, which might not seem bad, but it does add up. Currently, a dozen eggs cost 6 dollars while 2 years ago it was 4 dollars for a dozen (source). That is 2 more dollars than it was after COVID. This is largely due to a national egg shortage caused from a bird flu outbreak, infecting more than 18 million egg-layers.
Eggs aren’t the only products being affected by inflation. Housing costs, transportation costs, education, and student loans are on the rise as well. This will effectively make it harder for the middle—to lower-income families and college students to support themselves. As these prices increase for the foreseeable future, some students will have to choose between transportation or a home. Even if they manage to get both, bills, car payments, rent, food, and tuition costs will still rise and affect them.
Inflation has an impact on our schools as well. Students need equitable resources to learn and opportunities for developing the knowledge and skills to succeed in life. As prices for these opportunities arise, fewer students are getting the resources and educational opportunities like field trips and hands-on learning experiences that they need.
Thankfully, there are ways to reduce inflation. Cities and towns can employ strategies for financial planning, cutbacks in spending, raising interest rates and improving productivity. Individuals can re-evaluate their budgets, set goals for paying debt, speak to a financial advisor about ways to save money, and diversify investments.
Over the last 5 years prices have increased and decreased making it seem like a regression has been building up. With the prices of almost everything on a rise and citizen paychecks will still remain the same. It’ll be a while before some change happens.
