“Some nights I do cry myself to sleep, wondering how I’m going to put food on the table,” said Nicole Codiroli, of Ringwood, who said she finds it painful to shop for groceries, with annual inflation now topping 9%. The prices of gas, home energy and food all spiked by double digits over the past month, but wages aren’t keeping up.
“Buying power is reduced, you’re buying fewer goods and you’re seeing a decline in your standard of living,” said Michael Busler, professor of business studies and finance at Stockton University. “It’s leading to a very sour mood,” said James W. Hughes, dean emeritus at Rutgers University’s Edward J. Bloustein School of Planning and Public Policy. “The University of Michigan’s consumer expectation index — consumer confidence index — has reached record lows at this point in time.”
