Are you a college student on a budget? According to the CNBC article “How the Ukraine-Russia conflict may push up prices for Americans,” gas prices have not been the only product whose cost continues to skyrocket due to the Ukraine-Russian conflict.
Many students are feeling these effects.
“As a student who does have a job and does go to school, I find it extremely difficult to come up with the funds to enjoy going out to dinner with friends and simply being 19,” said sophomore Jayden Sprankle.
Recently, the cost of wheat has had its largest surge in 14 years. This is because Russia is the world’s largest exporter of wheat. According to the CNBC article, Ukraine and Russia combined make up almost 30 percent of worldwide wheat exports.
Senior Chelsea McNulty said, “I was just out to dinner the other night and realized that the prices have gone up in that specific restaurant. There was a note on the bottom of the menu saying that this is due to an increase in import prices.”
“This inflation has made me much more aware of my money and how I spend it,” she said.
Additionally, Russia is a major producer of crude oil, which is the main component of gasoline. According to CNBC, “That’s why higher oil prices often translate to higher gas prices.”
Sprankle, who commutes to school said, “From a commuter point of view and someone who just drives a lot in general, I do not think I will ever get used to the increase of gas prices.”
On the other hand, some students are not paying much attention to this issue of supply and demand.
Freshman Skylar Camaj said, “History shows that this is what happens during wars, and that is why we try to stay out of them. We just have to ride out this wave and hope for the best.”
“Obviously these issues are concerning, but realistically there is nothing we can do,” said Camaj.
However, most students feel the effects of these supply and demand issues.
“The issue with supply and demand in the world right now is a big deal because it is felt hugely by the economy. For example, the real-estate market is probably charging 30 percent over a regular asking price,” said sophomore Tommy Straehle.
Straehle explained how the increase in overall cost of living has directly impacted his independence. He said, “This inflation directly affects the average cost of living and in turn, has also affected my ability to find a house for next year as well as the independence I wished to have.”
According to the CNBC article, the Labor Department reported that over the last year gas prices have increased 42.1 percent, televisions 12.7 percent, furniture 11.2 percent, and overall rent 2.9 percent.
Senior John Crecco said, “This issue of supply and demand clearly makes a large difference, just look at the economy and the stock market. Prices of other goods are already increasing, but salaries aren’t. I know the U.S. is doing all it can, but maybe we should change our tactics.”