RICHMOND, Va. -- With Thanksgiving less than a week away, many shoppers are noticing their grocery bills are higher this year than in years past.
Zohra Abbafi enjoys coming to work, supplying the Richmond community with the groceries and supplies they need as the manager of Scott's Market. She's well aware that these days, shopping at the store has grown more expensive for customers.
"Everything has gone sky high. A gallon of milk was $3.99. Now, it's $5.99," Abbafi said. "If it's costing us way more, of course, we have to raise the price. But we're trying to not raise as much as we have before because the cost is going up insanely."
Mark Kambourian spent part of his Friday shopping at Libbie Market on Richmond's West End. He said his family isn't too impacted by inflation yet, but he worries that things may get worse soon.
"I do have concern about a possible recession. I think we're headed that way. Whether we get there or not is yet to be seen. As far as relief soon, I don't see it coming in the next couple of years," Kambourian said.
Kambourian's concerns are backed by experts.
"The odds are increasing that we'll be in a recession in the second half of 2023," economist Bob McNab said.
McNab said a recession could be the result of the Federal Reserve hiking interest rates for too long. However, in doing so, he said they're moving us past higher rates of inflation.
"Are we returning to 2% on average inflation by the spring of 2023? Unlikely. Are we looking that next year, inflation on average might be around 4%, then 8%? Highly likely," McNab said.
October's Consumer Price Index Report provided good news for many, showing an inflation rate of 7.7%, the lowest it's been all year.
"One month does not make a trend. But it is an indication that prices may be decelerating," McNab said.
