Rising inflation threatens economy


On February 24, 2022, Russa invaded Ukraine and the war has now become the largest conventional military attack on a sovereign state in Europe since the Second World War.

This geopolitical conflict is not only affecting these two countries at war but also affecting the United States in a way as well. Russia has been a major producer of oil and natural gas, and due to the war, there has been a decrease in the availability of necessary commodities. As a result, the prices for raw materials and goods have skyrocketed throughout these few weeks. Much of the world and the United States, including El Paso, are experiencing tremendous inflation.

Commodities such as gas are currently reaching an all-time high. Statewide, people are now paying an average of $4 per gallon, and the price continues to climb every day. The high demand for gasoline is much greater than the supply, causing such an increase in the prices. The last time the prices for gas were this high was in 1973 due to an oil embargo.

Students are having to deal with these expensive demands just to be able to partially fill up their gas tank for their vehicle.

“Gas prices have definitely gone up these past few weeks, and it takes double to fill up my tank halfway than the price it used to take to fill up my gas tank completely,” said senior Camila Hernandez.

Your favorite local steakhouses are even feeling the effects of these recent events. The prices for meat have more than doubled since the beginning of this inflation.

“Nobody wants a price increase, including us. But eventually, we’re going to have to do that,” said Chris Green, the president of the Great American steak burger, to KFOX news.

According to the Bureau of Labor Statistics, meat prices have escalated around 20% more than what they were in 2021. Many restaurants in El Paso are struggling to keep up with these high demands and prices for the highest quality of meat.

Local small businesses owners have been fighting to survive during this time as well. Prices for supplies are increasing rapidly because of this economic conflict and is making it difficult to purchase all needed materials. Even grocery items such as eggs, bacon, flour, and avocados are all much more expensive.

“These increases we’re seeing, just since January most of our ingredients have close to double in cost,” said Michelle Savage, owner of Savage Goods, to KFOX news.

Inflation has not only affected gas pricing, but also restaurants, small businesses, and local artists, Inflation rates continue to escalate and will continue this way for a while. Gas prices are even predicted to increase to even $5.00-$6.00 a gallon according to Fort Worth Star-Telegram News. The production, supply, and demand of oil will have to reach a global-balance before we can expect to see the prices not increases as rapidly.