Inflation Presents Challenges for Students and Local Businesses

Have you been wondering why food, gas, and other services prices seem to be getting more and more expensive? It is all due to an economical problem called inflation.

The skyrocketing costs of merchandise have made a major impact on students, especially those who have to commute often.

Kyle Stewart, a Business Administration major from Evansville, said he has to reduce the amount of time he drives and “keep a bigger budget” to save enough money for gas. He blames President Joe Biden for “not knowing how to negotiate with other countries”.

Not only has inflation affected students and individuals, but it has also affected many businesses as well.

Office Manager Lori Humes of Thomas Refrigeration in Vincennes said that her business has had to increase the value of products which has impacted regular sales.

“We are busier than we have ever been, which is weird, but it is also taking longer for people to pay. More people are splitting up into two payments because the bill is higher than they thought it would be because of the price hikes. And a lot of people will pay in two, three payments instead of paying in full,” Humes said.

With the growth in prices on items like heating systems, air conditioning systems, and refrigeration systems, it’s a surprise Thomas Refrigeration hasn’t seen a rise in labor pricing. Humes thinks the price increase for labor is bound to happen, or in her words, “inevitable”.

There are many thoughts on who should get to control inflation because of the spike in prices lately. Currently, the Federal Reserve has authority over all aspects dealing with inflation.

Law Enforcement Conservation major Jonathan Hoff believes the government should not have any control over establishing costs of goods and services such as gas because of the conflicts it may present.

“To be honest I feel like the government should not have control over the gas prices because I believe they already take enough money out of us and them controlling the gas prices would make it harder to get stuff done,” Hoff said.

The main objective of citizens is to reduce the surge of items so the expenses won’t burn a hole in their pockets. 

As inflation soars, students, individuals, and businesses will have to keep trudging through the economic crisis until a solution is put into place.