Bay Area Inflation is worst since 2001
According to a government report issued last month, Bay Area consumer prices soared in April, which triggered the worst bout of inflation since 2001. The year 2001 was the same year as the dot-com collapse and the tragic 9/11 terrorist attacks. The report shows that the inflation rate has been rising at an annual pace of 3.8 percent. The source behind the rise in inflation seems to be coming from the prices that have skyrocketed for natural gas, electricity service, and for gasoline. In a statement, the U.S. Bureau of Labor Statistics in San Francisco stated,
The April increase was influenced by higher prices for shelter.
Housing costs played a factor in the inflation rise as well. The cost of renting went up 6.2 percent and the cost of owning a home increased 6.5 percent. During the month of April, the price of natural gas went up 19.3 percent higher compared to the same month the previous year. The cost of electricity use at home jumped 7.5 percent and the price of motor fuel went up 10.8 percent higher compared to the same month last year. Luckily, food prices were not an issue and didn’t contribute to the inflation. Hopefully the inflation goes down in the Bay Area to avoid hurting low-income families.