'Perfect Storm': Gas, Airfare And Food Prices Surge In Maryland As War Rages In Ukraine
BALTIMORE (WJZ) -- The record cost of a gallon of gas is not the only thing putting a dent in your wallet.
AAA average national gas price is $4.17/gallon of regular today. One year ago, it was $2.77. In Maryland, the average is even higher at $4.19 a gallon up from $4.09 yesterday. @wjz #gasprices pic.twitter.com/FrG2gY2Smw
— Mike Hellgren (@HellgrenWJZ) March 8, 2022
With inflation already running high, the war in Ukraine is also causing food prices to inch higher. The cost to transport goods is increasing, and because Ukraine is Europe's breadbasket, wheat and other grains will be more costly.
"I'm just dealing with it," said Lavaughn Wilkins from Baltimore. "I am definitely having to budget more, a lot more money especially for food because I have to get my food. Things for pleasure—I play the lottery—I can't do that anymore. Yeah, I'm really hurting."
RUSSIAN OIL BAN: Pres. Biden today announced he would ban all imports of Russian oil, gas and other fuels – noting that these economic punishments on Russia will drive up already record-high prices in the U.S. pic.twitter.com/xHy2RYoytL
— CBS Evening News (@CBSEveningNews) March 8, 2022
According to one investment research firm, the average family will spend at least one thousand dollars more on groceries this year than last year.
"It's going to be tough for families to deal. At the same time, you're seeing demand increase, you're seeing supply decrease," said J.P. Krahel, Ph.D., who is on the accounting faculty at Loyola University Maryland. "This is a case where military aggression is being met with a pretty coordinated worldwide response. However much this is hurting us, it is definitely hurting Russia more. And I don't know what the breaking point is going to be for them. I really hope this works, because I dread to think what will happen if it doesn't."
Many want to travel after being cooped up during the pandemic. But jet fuel has skyrocketed more than 30 percent in one week, and the price for a plane ticket is expected to rise right along with it.
For many, the most visible sign of rising prices is at the gas pump. Maryland's average of $4.19 a gallon has risen ten cents in just one day and new sanctions against Russian oil are only going to make it worse.
"A tiny blip in supply we can get through. I think when you see gas prices go up this much, it implies that… this is going to be more of a long-term problem," Krahel said. "Nobody likes to see gas prices rise, but seeing this happen implies that we're going to be in this for a while."
For Baltimore's Danielle Blavat, helping Ukraine is personal. Her husband is headed to the region this week to rescue family members.
"If the biggest price I have to pay is higher gas prices, it seems so minimal compared to what people are going through right now in Ukraine," she said.