Persistent supply constraints paired with the effect that the war in Europe is having on commodity markets — of both energy and agricultural products — are pushing overall prices higher once again.
The consumer price index grew by 1.2% in March, its fastest monthly pace in more than 18 years, and was 8.5% higher than a year ago, according to the Bureau of Labor Statistics. The core consumer price index, which excludes volatile food and energy prices, grew by 0.3% in March, decelerating for the second month in a row, and is now 6.5% over the year.
While food and energy prices have historically been volatile, their recent spike coincides with higher prices for nearly all goods and services.
Rising food and energy costs are most harmful to lower- and middle-income families that tend to allocate a larger proportion of their budgets to these items, which have seen some of the largest price hikes. The price of gasoline grew by 18.3% in March alone, putting it 48% higher than a year ago. Energy services, such as gas and electricity, grew by 1.8% in March and are 13.5% higher than a year ago. Food prices collectively grew by 1% in March and 8.8% over the year. Several food items have experienced double-digit increases in prices over the past year, including meats, poultry, fish and eggs, 13.7%; milk, 13.3%; coffee, 11.2%; and cereals and cereal products, 10.1%.
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
