SAN DIEGO — If you've walked down your grocery aisle or even the mall, you've probably noticed fewer items on the shelves, and prices much higher than normal. An economics expert told News 8, "unfortunately there are many things contributing to the short supply and high demand."
"Number one, there are some problems internationally, where a lot of production occurs," said Alan Gin, Economic Professor at the University of San Diego.
"In 2020, an extra two million people retired. A lot of people left the job market and then people also quitting jobs," said Gin.
He said a shortage from logistic company workers to truckers have halted the supply chain and you’re seeing that in higher prices at grocery stores.
Many shoppers have also noticed the change. "Everything just seems to be a dollar to two dollars higher. This creep has just happened and it's very expensive," said Kathleen Postal.
According to new figures released by the labor department, wholesale inflation jumped more than 8 percent from August of this year compared to August of 2020.
That's the biggest gain on record since the department started tracking it more than a decade ago.
From vegetables to fruit, and more than ever, meat prices have been soaring.
"Meat prices are up almost nine percent compared to last year," said Gin.
Gin says you want to be prepared as many stores are preparing for huge shortages, especially over the holiday season.
"Some retailers are expecting that there will be shortages as far as products are concerned for example Nike has already said they won’t have enough shoes," said Gin.
And experts say price increases on goods and produce will last for another year or two. Gin offered one more piece of advice - get started early on your Christmas shopping.
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