Nearly everyone had heard by now—inflation worldwide is at its highest level in decades, with inflation over 8% reported in May of 2022. Here in the Bay Area, where is inflation hitting the hardest?
The Bay Area already has a high cost of living, so many people feel the effects of high prices on a daily basis. The higher costs caused by inflation make many already expensive things even less affordable.
Gasoline in the Bay Area approached $7 per gallon this summer and is again inching higher after a brief respite in early July. Prices for gasoline are one of the most obvious indicators of inflation for many people because they see gas prices listed on gas station signs on a daily basis.
Most people also can’t avoid spending money on gasoline at least somewhat during the month, especially if they need to use their cars to commute to work. High gas prices are one of the biggest areas where people in the Bay Arevare feeling the impacts of inflation right now.
Food prices are up substantially too, which means both the act of eating out at a restaurant and going to the grocery store are getting higher in the Bay Area. Locally, the increase in food prices is projected to add over $1000 to the average resident’s annual budget in 2022 alone.
At least the Bay Area has lots of great restaurants where you can spend all that food money!
This might not seem essential but it’s an area where prices are increasing, and fast. In the Bay Area entertainment was expected to inflate at a rate of around 9% in 2022.
Whether that means seeing a movie or heading to a concert or sports game at the Chase Center for you, you can expect these entertainment expenses to go up.
Inflation is clearly a big presence here in the Bay Area. The only good news? Wages are going up too, so hopefully, your paycheck is getting a little bigger along with your list of expenses.