PITTSBURGH (KDKA) – Could there be some more good economic news on the horizon?
Some experts think clothing and food prices could drop, due to lower fuel and commodity prices.
For weeks, economists have been warning that prices for food and clothing could go up by as much as two to six percent this year.
However, some are now predicting prices will fall.
As gasoline and diesel prices spiked through the roof around the nation, economists had bleak predictions about the impact of rising oil prices on everything you buy from food at your local grocery store to the shirt off your back. Now, some experts are backing off and retailers agree.
Linda Boyer at Fashion Avenue sells handbags and hopes to cut prices soon.
“There’s always that possibility. We always try to work with the people and their budgets to make them happy,” Boyer said.
What makes people a little bit optimistic was the falling price of oil, which was down 15 percent last week. However, it climbed up slightly at the beginning of this week.
Shoppers said while clothing prices are stable, everything else is on the rise.
“Everything else, groceries, gas, that’s been out of the question, much higher,” Jennifer Connolly said.
Getting those prices down would really help the family budget, but in the meantime consumers are still waiting for clothing prices to fall.
“We’ve been shopping through the mall. We haven’t seen any reductions. I mean, just what’s on sale, but I haven’t noticed prices coming down yet,” Dee Durkin said.
“With gas prices being so high, they need to compensate us somehow with the shopping,” Michelle Kaczorowski said.
Given market uncertainties, nobody really knows what’s going to happen until it does happen. But, don’t be surprised if those predicted price hikes of last month are moderated next month.