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Many consumers struggling as gap grows between costs, pay
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More from BusinessThe growing cost of daily necessities is creating concern, particularly for people on fixed incomes and workers who have seen minimal year-to-year raises that have not kept pace with inflation.
Triggered largely by the housing crash and credit crunch, the economy is heading south and consumers are being squeezed from many sides by growing inflation. Not only are they having to find ways to stretch their paychecks but also they're giving up things, such as vacation trips or big-ticket purchases.
In the past five years, prices for 13 of 22 selected staple items have exceeded the personal wage growth of Ventura County residents, according to a Star survey.
Consumers are being hit from a variety of directions, said Jack Kyser, chief economist for the Los Angeles County Economic Development Corp. How hard you're hit depends on who you are. Some people are earning higher wages and have little concern for the economic situation, he said.
Others, however, are reeling. Jobs in the real estate industry and mortgage lending have been hurt by the housing downturn, Kyser said.
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