North Dakota – Many people worry if we will have to adjust to living in this way due to rising inflation or if prices will drop again.
Prices have been rising, as you’ve certainly observed, whether you’re buying gas or a house. Additionally, the rising cost of food during the previous year—a loaf of bread, for instance—doesn’t help.
A loaf cost $1.45 last year, according to the United States Congress Joint Economic Committee, but after a 28% price increase, we are now spending almost $2, which has led to more people returning to work.
“The federal reserve is raising the rate in an effort to reduce inflation, and all the stuff they are doing is starting to have an effect,” said Jake Clopton, CEO of Clopton Capital.
Housing is cited by Clopton as another example. Prices increase as more tenants looking to rent. And he claims that young purchasers are scared off by the high-interest rates.
“Still a lot of that stuff keeping those high, but I do think the cost of both as more supply comes online is going to come down,” said Clopton.
He claims that as the possibility of a recession grows, mortgage rates will rise and that it might not be as awful as we fear because North Dakota has money because to its enormous oil reserves.
Clopton said, “A lot of people are saying this is going to be a big recession. I don’t really see that happening, usually, if there is like 2008 you don’t really see it coming and this has been the most talked about the recession of all time.”
According to the consumer price index, inflation decreased by 0.5 percent from last year to this month.
If we will need to adjust to this pricey way of life, only time will tell.
