North Carolinians feel strain as costs continue to rise
RALEIGH, N.C. (WTVD) -- Despite continued U.S. economic growth, many North Carolina residents say rising prices and higher interest rates are making it harder to keep up with everyday expenses.
The latest government report shows the national economy remains resilient, but consumers are still grappling with elevated costs and a cooling job market. In Wake County, residents say the strain is increasingly visible at the gas pump and grocery store.
"It's bad, everything," Harold Williams said. "Oil prices are getting jacked up, and it's no relief."
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Williams said the cost of essentials has become overwhelming for many families.
"Gas prices jump up to prices where people can't fill their tanks up $10 at a time," he said. "Food prices are getting outrageous."
Economists say households are feeling the effects of higher energy prices following the Iran war. Researchers at Brown University report that the average household is now spending at least $200 on gas.
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Williams said he is searching for ways to cut back and hopes low-income families receive more support.
"At a certain point, you're going to have to buckle down and start putting money away just because of what's going on with the economy," he said.
While many residents feel squeezed, economists continue to forecast economic growth, with a recession still considered unlikely.
