Overall inflation is up 8.6% since last year. And two of the areas that have went up substantially are the cost for food and housing. According to the CPI which is published by the Bureau of Labor Statistics, over the course of the last year, food prices were higher by 11.2 percent. Prices for food at home increased 12.3 percent since a year ago.
Those price increases definitely add up.
According to Numbeo, the average cost of living without rent for a family of four in Des Moines is $3,548. The cost of rent for a three bedroom apartment is $1,500. The average salary for one individual is $3,272.
Clearly these numbers don't add up in this scenario. And that is the case for many Iowa residents.
Food Shortages And Other Supply Chain Issues
You likely know there has been a three-month shortage on baby formula across the country. 90% of all production of baby formula is by three companies in the United States. But that's just one example. Because our economy is tied to other countries, when severe weather, pandemics, political uncertainty and war take place, it’s harder to bring products into the United States.
If it can happen to formula, I think it can happen to diapers, even medicine,” Marie Stathura, a first-time mother.
Thankfully, there is some good news. There are many opportunities out there to increase your income. Maybe now is the right time for you to seek a promotion, raise, or a new job. Please know help is available. You can find resources from the state of Iowa here.
What do you think about inflation in Iowa?
Please feel free to share your thoughts in the comments.
Disclaimer: Please note that this article is only for educational and informational purposes.