KANSAS CITY, Mo. — For the last six weeks, the KSHB 41 I-Team has been tracking inflation here in the metro.
Much like viewers, the team has noticed everything seems to cost more these days.
While nobody can avoid buying necessities such as groceries, are there some items that people should hold off on buying?
The I-Team took that question to supply chain expert Larry Wigger, an economics professor at the University of Missouri-Kansas City.
"This is a good time to be really honest with yourself about do you need that thing or do you just want it," Wigger said.
He added that anyone in need of an appliance will likely pay more due to supply chain issues and stock being in short supply. Plus, he says be prepared to compromise on cosmetics for those items, such as color or size.
But for those looking at items as something they "want," it will pay to hold off and purchase at a more strategic time.
Take, for example, buying a new big screen TV.
"Whatever degree you can put that off and wait for our typical seasonal sales — wait for Black Friday, wait for Christmas, wait for New Year’s — when we know those electronic items are going to go on sale," Wigger said. "Then, nine months down the road, we may be at [a point where] the supply chain has caught up a little bit, right? And you will have more options in the store, and inflation won’t be hitting as directly on those items."
He says the same principle applies to new vehicles.
"Car lots are empty, your choices are pretty slim and you know you’re going to pay more, whether it’s a new car or a used car," Wigger said. "Maybe wait for the end of the year model year change, you know the sales after the new year, and put it off."
There is some good news for anyone looking to splurge on a vacation since the travel industry isn't dealing with the same high level of demand.
"When we look at travel, I think you know that’s an industry that's still a little bit trying to play catch-up. And some of that is our own consumer desire, as you know not everybody is comfortable with traveling yet," Wigger said. "There's a little lag to consumers returning to it ... so I think it’s not a bad time if you’re comfortable with it and you’re willing and able and feel like you can do it safely. It’s probably not a bad time to go ahead and make that splurge."
As for groceries, those prices are still seeing the impacts of inflation, and Wigger says consumers are in for a long wait to see those stabilize.
To view the I-Team price tracker, click here.
—
We want to hear from you on what resources Kansas City families might benefit from to help us all through the pandemic. If you have five minutes, feel free to fill out this survey to help guide our coverage: KSHB COVID Survey.
