Prof. Michael L. Lahr was quoted in this video segment hosted by Jaclyn Lee via WPVI-TV in Philadelphia, PA. Following this week’s Wall Street drop, and steady inflation numbers, Ms. Lee asked local residents how the rising food prices are impacting them. Professor Lahr offered an analysis of what caused the inflation rise and what’s keeping it high.
“Post COVID relaxation of prices, people kept the prices down because they knew people couldn’t buy much, and now they’re seeing people continue to buy, so they’ll take advantage. Sellers will take advantage of the fact that people are able to buy.”