For six months in a row prices increased across many sectors, including gas, food and housing
Horry County is experiencing the same inflation issues brought about in 2021 as the rest of the nation. The U.S. inflation rate rose 6.8% over the last year, the highest increase since 1982, the Bureau of Labor Statistics reported Friday morning.
Gasoline prices rose by 58.1% in November – the largest increase over 12 months since 1980.
SUPPLY CHAIN – EMPTY STORES
Even when Horry County residents can afford it, many are finding empty store shelves when they go shopping.
Walk into any U.S. store these days and you’re likely to see empty shelves.
Shortages of virtually every type of product – from toilet paper and sneakers to pickup trucks and chicken – are showing up across the country. Looking for a book, bicycle, baby crib or boat? You may have to wait weeks or months longer than usual to get your hands on it.
In 2020, the U.S. imported more than US $1 trillion worth of goods from Asian countries. And most of those consumer goods make their way to the U.S. on container ships.
To get a sense of the scale, a single container can hold 400 flat-screen TVs or 2,400 boxes of sneakers.
But many of those containers making their way to the U.S. don’t have a way to get back to Asia. The reasons involve a lack of workers, complicated customs procedures and a host of other problems.
This amounts to empty store shelves, even at the higher prices.
MIGRATION TO ONLINE BUYING
All of these factors have many Horry County residents choosing to shop online.
In the United States alone, ecommerce sales are expected to surpass $740 billion by 2023.
Horry County’s population is largely made up of retirees on fixed incomes.
2022 is just ahead. Will inflation accelerate is 2022? Most economists say yes.