Hawkeye Reporter

Inflation is increasing at record rates across the nation, and reports in Iowa say that this has become a major concern for its residents.

The producer price index for final demand increased 9.6% over the previous year after rising another 0.8% in November, according to CNBC. Economists had been forecasting an annual gain of 9.2%, according to FactSet. Excluding food, energy and trade services, prices rose 0.7% for the month, putting core producer price index at 6.9%, also the largest gain on record. Estimates predicted respective gains of 0.4% and 7.2%, meaning the monthly gain was faster than estimates but the year-over-year measure was a bit slower.

In an interview with CNN, John Hoskins of Ankeny said he would be using his family’s fireplace instead of relying on home heating this winter, showing that drastic measures are being taken. This response came after a statement from Mid-American Energy warned that heating prices would likely double this winter.

“We still have to eat and live,” Hoskins said.

Nearly 90% of Americans are at least somewhat concerned about inflation, with 60% saying they are “very concerned,” according to a Morning Consult poll.  The poll said that 27% are “somewhat concerned” while only 3% said they are not concerned.

The Morning Consult poll said that Republicans are most concerned at 93%, but 83% of Democrats are also worried about inflation numbers. The report said that 62% of voters hold the Biden administration very or somewhat responsible and 11% said it was not his fault. President Joe Biden’s approval rating fell to an all-time low at 43%, with 53% saying they disapprove of the president’s job.

Fox Business reported that recent December inflation numbers show that the nation is currently experiencing a 39-year high in price surges, with 1982 being the last time consumer prices climbed at this rate.

“Inflation at a nearly 40-year high is not something the Federal Reserve can ignore,” said Danielle DiMartino Booth, the CEO of Quill Intelligence who was a former advisor to Dallas Federal Reserve President Richard Fisher. “While gas prices are starting to decline, there is still plenty of food inflation. There is risk now that inflation has become entrenched in households’ psyches, which further pressures policymakers at the Fed to be more aggressive in their tightening stance.”

Republican South Carolina Sen. Lindsay Graham was discussing the connection between the Build Back Better spending bill and inflation, and said in a video on C-Span, “My hope is that Sen. (Joe) Manchin (of West Virginia) will say, ‘Stop, shelve Build Back Better until we find better answers to where inflation is heading.’”