WCPO: Inflation could cause consumers to change spending habits
UC economist says 40-year inflation high ‘affects everybody’
According to the U.S. Department of Labor, inflation is at a 40-year high. Consumers are being affected across the board with their expenditures.
“It’s more bad news for the average American consumer. Inflation affects everybody,” Michael Jones, PhD, associate professor-educator of economics at the University of Cincinnati Carl H. Lindner College of Business, told WCPO.
Michael Jones, PhD, associate professor-educator of economics at the University of Cincinnati Carl H. Lindner College of Business.
Jones said businesses should expect consumers to change their spending habits.
“There are some expenditures that they can’t go without,” Jones said. “But the things like entertainment purchases, or today is the Reds’ Opening Day, and so consumers don’t have to go to the Reds game. They can spend their money elsewhere.”
Jones said it’s unclear how long the record high in inflation will last, and that there are multiple issues contributing to these economic tough times, notably supply chain issues, the government stimulus bill and the war in Ukraine.
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