Economist details how inflation continues to impact consumers, including in Southern Colorado

COLORADO SPRINGS, Colo., (KRDO) - New data released by the Bureau of Labor Statistics shows consumers paid even more in September for basic goods.

Data-Driven Economic Strategies Director Tatiana Bailey, the former UCCS Economic Forum Director, said economists were hoping September would be the month inflation would be on the decline. That, however, wasn't the case.

"All economists and all legislators are really hoping that inflation cools and we just didn't see that again this month," said Bailey.

Experts say consumers should prepare to continue paying more for a variety of goods and services for at least a year.

People are now paying 8.2 % more for basic goods than they were this time last year.

"Even if it stays the same or even if it declines some, the reality is that over the past year and year and half now prices have increased so much that they are already at really high levels," said Bailey.

Excluding high food and energy prices, the consumer price index core inflation was even higher for September, up 6.6 % from 2021.

"It tells you that the increases that we are seeing are broad base, they're not being driven by just energy or just food, they are being driven by clothes, health services, and shelter, all those components are going up," said Bailey.

The owner of Fab’rik boutique in Colorado Springs, Kari Reyner, said they've seen sales drop 50% from last year, creating issues with inventory and shipping.

"Last year was my best year ever--I definitely feel the effects this year people have priorities they have to buy food and gas and shopping is on the lower on the priority list," said Reyner.

Now, the main concern is groceries, the cost of them jumping to 13 percent in just the last year.

One relief could be with fuel. The consumer price index report shows gas prices are on the decline.