Hosemann at HobNob: What Inflation Could Mean for You

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STATE WIDE–Inflation can mean many things, but mostly it means economic difficulty. Mississippi’s lieutenant governor warned that inflation will likely continue and perhaps gets worse, at the annual HobNob event Thursday in downtown Jackson.

“Look at the almost 50 percent increase in gas prices. Look at where you can’t buy a refrigerator or you can’t by a stove and the lumber prices and and and,” he said.

Inflation is essentially a decrease in the purchasing power of money because of an increase in the price of goods. The more things cost, the fewer you can buy and generally the fewer are available to buy.

“All the way down the line we are going to be faced with inflation in Mississippi and we need to prepare for that at the state level, just like you’re doing at your current level,” he said.

Hosemann also spoke about the worker shortage that has affected central Mississippi businesses.

He said the state has only about a 55 or 56 percent workforce.

”That’s what’s happening in Mississippi and we as a group and as a state need to be prepared for that and we will be. It has been the very best years for many of you and others like our hospitals and my restaurants have suffered greatly. We intend to make sure that all of proceed at the same process,” said Hosemann.

The HobNob event is held every year, and is where economic and business leaders from across the state discuss Mississippi’s economic and business issues.

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