Deep Dive: Connecticut consumers expected to spend more as inflation rises
Inflation is up almost 5% from a year ago and Connecticut consumers are expected to be paying more during the holiday shopping season.
Caleb Silver with Investopedia breaks down the numbers.
Silver says inflation is up almost 5% from a year ago. The places consumers spend money the most are where they are feeling it.
Gas prices alone in Connecticut are up 70.7% from a year ago, used cars and trucks up 35%, fuel and utilities – like home heating oil – are up 17.5%, and food are up 5.3% from a year ago.
Silver says holiday sales are expected to rise between 8 to 10% this year topping $1.8 trillion that would be the highest ever that is about a $1,000 per person, but we are seeing some softness in retail sales.
“We saw it in November especially in electronic stores and in general merchandise and apparel, softness in spending and that might be the way it looks for the rest of the year,” Silver says.