DES MOINES, IA — The inflation percentage numbers at a national level and regional level for May were released on Friday.
The national inflation rate from April to May 2022 increased by 1 percent with the Midwest region up 1.5 percent. From May 2021 to May 2022 the national rate saw an increase of 8.6 percent and the Midwest of 8.8 percent.
Food prices, energy and the index for all items other than food and energy have been continually increasing over the last year.
Des Moines is packed with tourists and competitors from out of state this weekend for the Ironman triathlon and a couple people enjoying the city on Friday commented on the price hikes of what seems like every good and service. One person said how he is going about changing his budget with these changes.
“It’s probably going to dinner less frequently considering that and also you look at prices for airline tickets,” said Mike Vandenbossche from Detroit, MI. “And so maybe we put off the trip we were thinking, maybe it is just a drive vacation, something like that.”
Vandenbossche works in the bond industry in Michigan. He says that the federal government left the “punch bowl”, or interest rates, low for too long among other things. He is operating under the assumption that the United States will be in a recession in 12 to 18 months.
Another competitor from out of state said that he is trying to remain hopeful about the current economic situation, but understands that something has to give.
“You know one of the things I am hoping is that it’s not just a straight drop off, you know, that maybe we can ease back into normality,” said Mike Pinto, from Edmond, OK.
Both Vandenbossche and Pinto said they spent over $120 each to get to Iowa for the race, compared to the $40 tanks of gas they have been accustomed too.