Long Islanders spending more for products as wholesale inflation increases
Prices are going up across the country and they don’t appear to be going back down anytime soon.
The latest Labor Department numbers show inflation at the wholesale level rose 8.6% in September compared to a year ago.
Ritsa Kirschner, co-owner of Trio Hardware in Plainview, says they have been dealing with wholesale price increases since the spring.
“It’s not news to us,” Kirschner says. “We’ve been having price changes, increases since April.”
Wholesale prices also affect the consumer in many forms. A gallon of wiper fluid that used to be $2.50 is now selling for $5.49.
Martin Melkonian, an adjunct professor of economics at Hofstra University, says the increase is concerning but he believes it’s short-term.
“These in my judge are short-term disturbances that will change a bit as the economy levels out, adjusts to COVID situation,” Melkonian says. “It seems to me that things have improved, more people are going back to work so that should improve the overall situation.”