NORFOLK, Va. — A new report from the Labor Department shows the inflation rate ticked up to 3.5% in March — that’s more than economists expected.
Gas, rent and car insurance are primarily to blame for the slight increase.
According to Moody’s Analytics, people are paying $227 more every month on necessities like groceries, housing and gas.
But the most recent local report card from the Hampton Roads Planning District Commission tells a different story about the state of the economy.
Inflation-adjusted retail sales in Hampton Roads, according to the report, exceeded pre-pandemic levels by more than 15%.
Hotel revenue, which gauges the performance of local tourism, remains nearly 30% above pre-pandemic levels.
And the seasonally adjusted unemployment rate is still near historical lows, declining month over month, but still slightly higher than pre-pandemic levels.
Despite the struggles families are dealing with when it comes to monthly bills, the average American’s confidence in the economy hasn’t plummeted, either.
According to the most recent consumer sentiment index released Friday by the University of Michigan, consumer confidence remains relatively high compared to peak lows in 2022.