Squeeze tightens on New Jersey consumers as groceries and gas get more expensive
NEW JERSEY -- The financial squeeze is getting tighter as prices go up on just about everything.
Monday, CBS2's Meg Baker spoke with New Jersey consumers about which prices are rising the fastest.
Linda Huff loaded groceries into her car after experiencing sticker shock.
"Price increases. Big ones," said Huff, a resident of Colonia. "Condiments, oil, ketchup, mayonnaise."
"Meat has gone up so high and just your basic groceries, fruit," said Barbara Knapp from Clark.
It's been a steady rise. Economist Leo Feler blames it on post-pandemic inflation, supply chain interruptions and the unsettled global market caused by Russia's invasion of Ukraine.
Gas prices hit a record average of more than $4 per gallon.
"We're seeing big supply shocks. We're seeing oil prices go up. We're seeing wheat prices go up. Ukraine is the breadbasket of Europe," Feler said. "So there is a lot of concern that this is going to make an inflationary problem even worse."
Some consumers told Baker gas prices are hitting especially hard because they just restarted commuting to work. Others said they're just staying closer to home.
"Just have to watch really every penny now and cut down on anywhere you want to go," Knapp said.
U.S. Rep. Josh Gottheimer introduced a bill to ban Russian oil imports.
"It's time to cut off ruthless dictators like Putin from American dollars," Gottheimer said.
Gov. Phil Murphy said banning Russian oil imports would have little effect on New Jersey. The state can only help when it comes to the gas tax.
"This past August, it went down over eight cents. It's subject to a formula. I'd like to see that continue to go down," Murphy said.
Sanctions on Russia so far stopped short of targeting oil and gas exports. The Biden administration is weighing their potential impact on U.S. energy prices.