Growing fears over inflation

With mainstay supplies decreasing, Americans worry over increased prices on groceries, houses and gasoline.
1:36 | 05/15/21

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Transcript for Growing fears over inflation
Now to growing fears over inflation. Consumer prices surging at their fastest pace in more than a decade. The impact already hitting many customers and families hard. Here's ABC's Deirdre Bolton. Reporter: Tonight, from groceries to houses to gasoline, Americans are paying more for all of it. Consumer prices rising more than 4% in April, the fastest pace in 13 years. We're at a crossroads for the economy where we are seeing very clear evidence of exceptional demand, but the supply side economy is currently Reporter: The pandemic creating severe supply shortages for many goods. And now, surging demand sending prices sky high. The average price of a used car more than $25,000 in April, a new record. I've never seen anything like this. Reporter: Lumber prices tripling since last spring, adding nearly $36,000 to the average price of a new home. And it's costing builders like Steve marsh. Specific lumber items might increase $5 or $10 per unit within a week. And that's unusual, and that's an extreme situation. Reporter: For the swart family, the increased costs for basic goods, mean cuts elsewhere. I can't even take kids for a good drive down the river because gas prices are ridiculous, rent prices are ridiculous, food prices are ridiculous. Reporter: The good news, as more workers re-engage and production increases, many economists expect prices to stabilize. Whit? Thank you.

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