NORTH DAKOTA (KXNET) — With inflation going up, many wonder if we will have to get used to living this way, or will prices come back down?

As you’ve probably noticed, prices have been climbing, whether it’s gas or purchasing a home. And the increasing price of groceries over the last year doesn’t help either, one example being a loaf of bread.

Last year according to the United States Congress Joint Economic Committee, a loaf would run you $1.45, but with a 28-percent increase we are now paying almost $2 dollars, causing more people to go back to work.

“The federal reserve is raising the rate in an effort to reduce inflation, and all the stuff they are doing is starting to have an effect,” said Jake Clopton, CEO of Clopton Capital.

Clopton says another example is housing. With more renters looking to rent, prices rise. And with interest rates being high he says it’s scaring young buyers.

“Still a lot of that stuff keeping those high, but I do think the cost of both as more supply comes online is going to come down,” said Clopton.

With the threat of a recession looming, he says mortgage rates will continue to climb and that it may not be as bad as we think because for North Dakota, we have money with our rich oil reserves.

Clopton said, “A lot of people are saying this is going to be a big recession. I don’t really see that happening, usually, if there is like 2008 you don’t really see it coming and this has been the most talked about the recession of all time.”

The consumer price index shows that inflation has gone down half a percent from last year to this month.

Only time will tell if we’ll have to get used to living with this expensive way of life.