North Texans Feeling The Squeeze As Inflation Soars To Highest Rate In 4 Decades
DALLAS (CBSDFW.COM) — Something you may have noticed everywhere you go is rising inflation -- it's the highest it's been in four decades.
CBS 11 News spoke to some North Texans who say they've been feeling the effects of inflation, but that's not stopping people from living their life and that includes celebrating Valentine's Day.
"Every Valentine's Day, typically it gets so busy and it's hard to get a reservation," Dallas resident Shayla Dunlap said.
Business is booming for places like Lovers Seafood and Market in Dallas.
"We've been really fortunate," co-owner Tracy Rathbun said. "Our business has been crazy good."
Things are expected to be even busier for Valentines Day, but expect the price tag for items to be higher.
"Yes we are paying a lot higher prices for a lot of products and a lot higher pay for our people," Rathbun said.
Inflation has affected several businesses that people typically stop by for the holiday, which means everyone will be spending more money.
"The Valentine's day boxes//we got hit with a 50% increase," said Anthony Cirone, co-owner and president of Li-Lac Chocolates. "When we asked why we were told it was 100% due to container ship pricing. Transportation costs."
Some business owners said flowers could cost about 20% more compared to last year.
The effects are being felt across the country, including places like New York.
"I guessed I've noticed the price increase," Dunlap said.
According to the U.S. Bureau of Labor Statistics, in the last year consumer price index in the Dallas, Fort Worth and Arlington areas rose by 7.8%. That was the largest rise we've seen since 2008.
"It's very frustrating," Dallas resident Star Simpson said.
Dallas resident and business owner Charlie Price doesn't think thigs are going to change anytime soon. "It's the new normal," he said
The owners of Lovers Seafood and Market said they are willing to pay the price to stay open... the result has been record numbers and a fully booked Valentines Day.