From ABC7 New York · · 1m 30s
Shoppers squeezed by inflation and higher interest rates
Inflation and interest rates strain shoppers' budgets as prices surge.
In brief
Inflation and interest rates strain shoppers' budgets as prices surge. Rising inflation and interest rates are making it harder for shoppers to afford essentials and plan for the future. Originally reported by ABC7 New York.
Kelsey Benson's financial strain
Kelsey Benson, 32, in Queens, New York, lost health insurance after being laid off and faces a $500 medication cost jump.
“You should not have to wear yourself down to nothing to be able to live”
Inflation surge impacts households
A monthslong inflation surge driven by the Iran war has raised costs for gasoline, groceries, and other essentials nationwide.
Consumer survey shows worsening outlook
A University of Michigan consumer survey indicates shoppers expect higher inflation and feel their financial outlook has worsened.
Treasury rates hit two-decade high
A key long-term Treasury rate reached its highest level in nearly two decades, pushing up credit card and mortgage rates.
Drew Davis's grocery struggles
Drew Davis, 26, a New York City law student, noticed beef and chicken prices rose $1-$2 since he started law school three years ago.
Gas prices at $4.47 per gallon
The average U.S. gas price is $4.47, a 50% increase since the Iran war began.
Grocery prices up 20% in five years
Grocery prices have increased more than 20% over the last five years, according to U.S. Bureau of Labor Statistics data.
Steve Prentice's gas concerns
Steve Prentice, 70, in Tennessee, says gas prices have reached $4 per gallon for the first time in his memory.
The takeaway
Rising inflation and interest rates are making it harder for shoppers to afford essentials and plan for the future.
