What impact is inflation having on rural America?
Food, fuel and other living expenses. Those are all impacted by inflation and the rising cost of these essentials is taking a toll on rural America.
In an exclusive interview with RFD-TV, Jared Bernstein, with the White House Council of Economic Advisers, explained how he sees the current economic situation.
“The President, every time he talks about this problem under the rubric of inflation, he says it is unacceptably high, and by that he means you know from his own personal experience growing up in a family when the price of gas ticked up, it was a kitchen table discussion. So, he has dispatched his team to do everything we can to help. Now, we’re happy to see the price of gas coming down about I think 40-41 days in a row now every day. So, the retail price of gas now is down from about $5.02 nationally to $4.30 so about 72 cents off its peak,” said Bernstein.
While he notes the recent price declines are good news for farmers and consumers as a whole, Bernstein says it s important to keep that downward trend going.