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Arkansas experts don't expect gas, grocery prices to drop any time soon

From gas to groceries, the price of everyday necessities is higher than normal and experts don't expect the prices to drop any time soon.

LITTLE ROCK, Ark. — It's something that we've all noticed because it's a topic that everyone keeps talking about... things are a lot more expensive right now. 

Specifically, everyday necessities like gas and groceries. 

Gas in Arkansas is up more than a dollar compared to this time last year, according to AAA.

The price increase is impacting us all, so we wanted to learn why things are so high currently, along with finding out when those prices could drop.

During the first half of March gas increased by nearly 70 cents, but has since fallen by 20 cents up until now. 

That 20 cent drop could be an outlier as experts said we might not feel that much relief any time soon.

"This is a really complex global market and it doesn't turn on a dime," John Anderson, Agricultural Economics Department Head at the University of Arkansas, said.

Many of us would love to go back to filling up for $2.50 a gallon, but Anderson said don't get your hopes up.

"Overall I think this year will be relative to recent years, kind of a high price year for energy prices overall," he said.

Before you immediately turn the blame on Russia's invasion of Ukraine, Anderson said gas prices were already on the rise due to pent up demand, but the tensions overseas sure didn't help.

"I think the shock of the invasion and the related events has subsided some, but the disruption is still there," he said.

Disruption that is causing the U.S. to release 180 million barrels of oil over the next six months, but according to Anderson that's just a band-aid for the problem.

"The Strategic Petroleum Reserve is is designed to be a stop gap. It's not really designed to be a solution," he said.

Experts aren't just expecting gas prices to stay high either, they're also anticipating the same for the groceries. 

According to Steve Goode with the Arkansas Grocers and Retail Merchant Association, there's a direct correlation between rising fuel prices and the price hikes for food.

"I've been in the grocery business since I was 16. There's never been a time like this, where we've seen this kind of inflation affect supermarket retail prices," he said.

Goode said there's a lot of blame to go around from fuel, to shipping, to even the bird flu.

"The consumer that shops at Easter this year for Easter eggs for their Easter baskets, they're going to face some sticker shock in a lot of retail stores," he said.

While many are ready for more wiggle room in their wallets, Goode said that relief may still be a whiles away.

"I don't think we're out of the woods on this anywhere at all yet," he said.

If you're a family on a budget, Goode said if you can buy in bulk, that is always the best bang for your buck. 

Poultry and meat products are especially high right now, but by keeping a careful eye on protein prices, you can find ways to save. 

For example, you can find much better prices if you switch from bacon to sausage.

    

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