Inflation reaches 40-year high
ALBUQUERQUE, N.M. — There’s no escaping the rising cost of almost everything these days as inflation across the country continues to soar.
Reilly White, associate professor of finance at the University of New Mexico, said inflation has grown 9.1% over the past year – a steep increase that hasn’t been seen in decades.
“We have to go back 40 years,” White said. “We have to blow off the dust on our old economic reports to get back to numbers this high.”
White gave an example to put that into perspective.
“If we look at, say, a household income of 50,000 dollars over the course of a year, that means you are spending overall on average roughly 4,500 dollars more this year than you were last year,” he said.
According to the latest inflation report by the U.S. Bureau of Labor Statistics, costs have increased for energy, food, gas, and rent. White added that it’s going to be awhile before we see any relief.
Keeping children busy during the summer isn’t getting any cheaper either, which is why many families are reconsidering how they’re spending their time and money. On Friday, many were at Tingley Beach in Albuquerque. The reason why? It’s free.
“It’s a pretty big impact on our lives with gas prices and food prices and everything. It’s nice to get out and enjoy some sun without having to pay for it,” said Diego Archuleta, who was out fishing with his family.
Jurgen Fillemon was also out with his three kids.
“We are on a tight budget so it’s important that we spend time with your family and save some money at the same time,” Fillemon said.
Tingley Beach isn’t the only affordable fun families can have this weekend. On Saturday, you can have a picnic and watch a movie with Movies in the Park starting at dusk. Then on Sunday, families can check out the International Balloon Museum or the Albuquerque Museum for free from 9:00 a.m. to 1:00 p.m.
Movies in the Park
9801 La Paz Dr, 87110
Anderson-Abruzzo Albuquerque International Balloon Museum
Free from 9 a.m. – 1 p.m.
Albuquerque Public Pools
Toddler (2-5): $1.00
Child (6-12): $2.25
Teen (13-17): $2.75
Adult (18-54): $3.00
Kids (3-12): $5
For a full list of free and cheap activities, click here.