Kansas Citians Share Personal Perspectives on Inflation
The most recent Consumer Price Index report is expected soon, forecasted to reveal a slight increase amid other economic indicators. As economists and financial pundits brace for its release, people of Kansas City, Missouri spoke about what inflation means to them.
For some, the term inflation holds a textbook definition, while for others it recounts personal experiences with finances and rising costs of living.
“I live paycheck to paycheck basically,” shared Tramar Yancey. His sentiment was a familiar one among others, even those earning ‘good money’. Several Kansas Citians attribute their tight budgets to escalating costs of goods. Sebastian Collins echoed this sentiment saying, “Very basically, your paycheck doesn’t go as far”.
Inflation: More Than a Financial Term
Understood traditionally as the rise in price of a specific item over the months or years, the term inflation is increasingly becoming subjective in the vernacular. Lisa McLendon, a professor in journalism and mass communications, shed light on the issue, clarifying that “language is determined by the users,” allowing two uses for the term: one technical and the other, common. According to her, it is entirely reasonable for an economist to perceive inflation in a technical sense, while an average shopper may casually complain about high prices by referring to inflation.
Lending A Different Perspective
While the specter of rising prices tends to cast a gloomy shadow, some locals highlight the upside of inflation for those owning assets. According to Brad, a retired banker, “Inflation in some respects is good.” He explains that inflation-driven boosts in stock market indices, property values, and other investments are generally welcomed.
However, the majority of Americans are more concerned with the short-term implications on their day-to-day finances. As Sally Grant, a retiree, noted, “The price of some of the items that you buy all the time are at least a dollar higher”. There is undeniable pressure on consumers to adjust their budgets to keep up with the ongoing price hikes.
A Hopeful Outlook
Despite the strain on their wallets, some citizens like Sally Grant don’t foresee inflation spiraling out-of-control to the point where they can’t make adjustments. However, the sentiment of apprehension persists among most locals, who anticipate the report on the Consumer Price Index and wonder how it will shape their financial realities in the near future.
