Triangle residents weary of rising costs, inflation: 'It's insane'

RALEIGH, N.C. (WTVD) -- Higher gas prices and rentals were some of the driving factors behind a new economy report, which shows that inflation is higher than expected.

People had been hoping for some reprieve.

"Over the last year, (my home budget's up) at least 10% or so," said Carrboro's John Zornick.

People are trying to deal with larger home budgets and now new figures show the consumer price index rose 3.5% in March compared to this time last year.

"I paid the other day $3.39 per gallon (for gas). It's insane," said Raleigh resident Adam O'Reilly.

The data found that auto insurance increased by 2.6% in March, car repairs by 1.7% in a month, and the price of clothes rose by 0.7% in March.

The Federal Reserve could cut the interest rates this year. The first one might happen in June. Then again, maybe not.

Mortgage lender Dan Woodward said he thinks it could help the Triangle housing market.

"It will free up more money and more buying power, and hopefully will be the spur that we need or the spark that we need to get the market run good again," said Woodward.

The report also finds the cost of filling up the refrigerator and pantry remains high. Food is up more than 2% from a year ago.

"Groceries in the last year have doubled," said O'Reilly.

"You're spending $100 to $150 more," said Clayton LeCheryl Raden.

The cost of some food items, such as breakfast cereal, rice, and pasta -- did go down in the last month.