Inflation rates cause scarcity of products

by Jordan Corts

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The year 2021 was hard on many for countless reasons, one of which being the shockingly high inflation rates.

Rates reached a high of 7.0%, which is the highest it’s been in a whopping three decades.

Some suspect the primary reason for the recent inflation is the failure of companies to supply enough products; one notable case of this is with the gaming industry. One example of this crazy inflation is the PS5 which is commonly seen selling nearly double its retail price.

Another interesting point brought up to me when discussing this topic was the idea that companies are actually benefiting from the scarcity of the products. Not only are they producing less products, but they are selling them for more.

While this may seem like a small conspiracy, many of the companies are, in fact, benefiting from the newly found exclusivity of their products. Prior to the scarcity of these products, people used to leisurely shop with no real worry of if they would get something. Now, it’s extremely hectic, with people often being found staying up all hours of the night just at a chance to get something they want, whether it’s a gaming console a new laptop or clothes it’s happening.

While we are in no danger to this shortage of luxury items it worries many people including myself as it’s likely only to get worse.