RALEIGH, N.C. (WNCN) — The price drivers are paying at the pump is on the way down after the Colonial Pipeline crisis, but the price of gas is impacting wallets in other ways.
“Now that things have come roaring back there’s a mismatch between supply and demand,” said Patrick De Haan, petroleum analyst for GasBuddy. “Demand has surged, and supply has not, and that’s pushing prices up.”
Part of the problem is simply getting gas from the refinery to local as stations.
“Some stations in the Midwest are offering $10,000 sign on bonuses to get more truckers to bring that gasoline to stations,” said De Haan. “Of course, the price of labor reflects the price you pay at the pump.”
Those rising prices are now going beyond the gas station and making their way into grocery stores.
“Throughout the pandemic we’ve seen a lot of prices going up,” said Phil Lempert of Supermarketguru.com. “We’ve seen a broken supply chain.”
Lempert says the price of groceries is up nearly 25 percent year-to-year with a 4.8 percent jump from April to May alone.
“That’s the biggest percent jump we’ve seen in food prices we’ve seen in decades and it’s just the beginning of it,” said Lempert.
So when could we start to see some relief?
“I think we’re doomed for the prices we’re going to be paying for a while,” said Lempert.
“There are some ingredients that are starting to draw parallels to 2008 when prices just spiraled out of control,” said De Haan.
Regardless of spending on food or gasoline, the best advice experts have is to shop around, use coupons, and take advantage of cashback rewards systems to try and save a few bucks.