The president of the New Jersey Chamber of Commerce is warning that soaring prices in the state are a “ticking time bomb” that is placing the entire economy at risk.
Recently released federal data shows that inflation jumped at an annual rate of 5.1% in February – the most in over a dozen years – in North Jersey, and 7.8% in South Jersey – the highest in three decades.
In New Jersey, gas prices have soared 37.5% year-over-year, while home energy prices shot up 16%. Poultry, seafood, and eggs jumped 17% and used vehicle prices leapt by a stunning 42.7%. Durable goods – items that have a long lifespan – also rose appreciably in price, rising by 18.2%.
While the overall U.S. economy was hit harder – hitting a 40-year-old record of 7.9% inflation, New Jersey Chamber of Commerce President Tom Bracken is warning that rising prices in the Garden State are still a “ticking time bomb.”
“People have money now because of what happened with the government assistance programs,” he said. “When does the intersection of money running out and inflation going up — when does that hit? And when that hits, that’s where the problems are going to be.”