Worst likely yet to come for rising inflation, gas prices across Seattle area

Mar 11, 2022, 9:47 AM

Gas prices, inflation...

(MyNorthwest photo)

(MyNorthwest photo)

Inflation is rising at its fastest pace in 40 years, and Seattle University economics professor Vladimir Dashkeev says we likely haven’t yet seen the worst of it.

AAA Washington: Gas prices are ‘at the whim of the market’

The Consumer Price Index has risen by nearly 8% year-over-year since last February. According to Professor Dashkeev, 1.5% of that includes food and gas.

“This is really low given what we have experienced even this week,” he told KIRO Newsradio.

Meanwhile, in Seattle, gas prices in the area are nearing $5 a gallon, averaging around $4.89 as of Friday morning. This comes in the wake of President Biden’s ban on Russian oil imports as the war in Ukraine has intensified.

That’s a trend that has traditionally been consistent up and down the West Coast, where “energy prices are higher than the rest of the country.” And given its status as a higher-density large city, inflation is also hitting Seattle in the form of higher housing costs.

By the time the next report comes out, Dashkeev believes inflation as a whole will continue to rise.

“I can bet a lot of money that the inflation rate is going to be higher,” he predicted.

UW Russia expert: Ukraine could be worst war in Europe since 1945

So, when will inflation ease up? Dashkeev says supply chain issues and labor shortages stemming from the pandemic need to be resolved, and that the federal reserve will likely step in by raising interest rates.

That said, he notes that an end to Russia’s invasion of Ukraine will also be a factor.

“As long as war disturbs trade, there will be pressure on inflation,” he noted.

MyNorthwest News

cyber monday black friday...

Heather Bosch

Study: Cyber Monday dwarfs Black Friday shopping this holiday season

"The Black Friday results that we've seen so far were much stronger online than in person," Rossman said.

19 minutes ago

plane crashed hawaii...

L.B. Gilbert

Navy works to remove crashed Wash. plane before it damages Hawaiian reefs

A Whidbey-based Navy jet that overshot a runway in Hawaii one week ago is still in the Ocean, but the Navy has said that they are working to remove all the hazardous materials in the environmentally sensitive bay.

57 minutes ago

(Photo from KIRO 7)...

Bridget Chavez, KIRO 7 News

‘I would love to see accountability’: Owner of dog killed in SODO dog resort fire speaks out

 It’s been two weeks since ‘The Dog Resort’ in SODO caught fire and three dogs escaped during the evacuation. Allison Scarborough’s dogs were boarded at ‘The Dog Resort’ when the fire happened. She was on a trip overseas when she got a call from the Washington State Department of Transportation saying they had found her dog, Georgie’s, body […]

59 minutes ago

Commute times were unprecedented Tuesday morning. (WSDOT)...

Bill Kaczaraba

Fog, crash combine to make Seattle’s morning commute a doozy

Take a big crash, mix in some fog and frozen roads and you get one of the worst morning commutes in recent memory. A collision on northbound Interstate 5 in Kent messed things up in a big way. At one point there was an 11-mile backup stretching to Fife. The accident blocked the two left […]

2 hours ago

The Longshot, an air-launched unmanned aircraft that General Atomics is developing with the Defense...

Associated Press

Pentagon steps on AI accelerator as age of lethal autonomy looms

Artificial intelligence employed by the U.S. military has piloted pint-sized surveillance drones in special operations forces’ missions and helped Ukraine in its war against Russia. It tracks soldiers’ fitness, predicts when Air Force planes need maintenance and helps keep tabs on rivals in space.

3 hours ago

Burien camping...

Bill Kaczaraba

‘Really, do we want a village anywhere?’ Burien approves pallet village

The Burien City Council voted for a pallet village for the homeless and accepted $1 million from the King County Regional Homelessness Authority.

5 hours ago

Worst likely yet to come for rising inflation, gas prices across Seattle area