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Tracking the top five cost increases

Published: Oct. 14, 2021 at 9:47 PM PDT
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RENO, Nev. (KOLO) - Inflation is gripping the United States and northern Nevada with overall prices jumping 5.4 percent from this same time last year matching the largest increase since 2008 as tangled global supply lines continue to create havoc.

This report is highlighting five of the largest cost increases our local viewers will pay this month compared to this same time one year ago.

The biggest increase is at the gas pump where prices are up 42 percent.

The National average $3.28 for a gallon of regular, according to AAA. We’re paying more in northern Nevada where the average for a gallon of regular is hovering around $4.12.

Demand, the need for more oil production, and the price of crude oil all contribute to growing prices. Used car prices are up 24 percent.

New car shortages put increased pressure on the used market.

KOLO 8 News Now’s Noah Bond traveled to Budget Motors at 3055 Kietzke Lane in Reno to talk with the general manager

“What can a buyer do to get by in this tough market?” Bond.

“Do some research online. Virtually every car dealership posts their prices as well as all their inventory online,” Simon Amadin replied.

Used car prices are trending down dropping for two consecutive months.

New vehicle prices are up 9 percent from last year.

Rent prices in the Reno and Sparks area is up 15 percent from last year. Overall people are paying $211 more.

The average rent a year ago was $1,421, but now it’s $1,632, according to Johnson, Perkins, Griffin Real Estate Appraisers and Consultants.

Lastly, the cost to buy groceries and to eat-out are up 5 percent from last year.

Food producers are struggling with shortages, bottlenecks, and transportation issues along with labor woes, all of which have caused food prices to rise.

Next year, grocery price increases are expected to ease little, between 1.5 and 2.5 percent, down from 2.5 to 3.5 percent overall in 2021.

Below are steps you can take to help your money work harder for you.

The Reno Housing Authority provides emergency rental assistance and is intended to assist Nevadans impacted by COVID-19 who are struggling to pay rent. These funds are available in Washoe County and are specifically designated to assist with the payment of rent, utilities, and late fees. Upon verification of eligibility, assistance with rent and utilities may be provided for up to twelve months. Click here to learn more.

Below are a list of programs NV Energy provides for its customers:

  • Qualified Appliance Replacement (QAR)
  • Replace older household appliances with select, more efficient refrigerators and electric dryers. For qualification details and applications, visit nvenergy.com/qar or call 833-513-0960.
  • Free Smart Thermostat
  • The latest energy-efficient technology, including up to four smart thermostats, and free professional installation through the program. People can create custom schedules to conserve energy and adjust temperature through MyAccount, and can save up to $100 on your energy bill each year. Sign-up through My Account, email thermostats@nvenergy.com, or call a PowerShift Energy Advisor at 855-676-9373.
  • Free Online Energy Assessment
  • See how you’re using energy and what to do to save on monthly bills, you’ll quickly see how you use energy by appliance, receive personalized tips and recommendations and compare usage over months. Log on to MyAccount and complete the home assessment or visit nvenergy.com/assessment.

Special Assistance Fund for Energy (SAFE):

  • The SAFE program is financial assistance for those with income limitations who are having trouble paying their utility bills. The program supplements state and federal low-income energy assistance programs. Visit nvenergy.com/assistance for more information and to apply.

For more information, visit nvenergy.com.

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