TERRE HAUTE, Ind. (WTWO/WAWV) — As gas prices continue to soar in the Wabash Valley and across the nation, there’s no doubt it’s affecting everyday life. Experts warn with the current economic conditions, people should plan for their summer celebrations.
Vendors say people should buy fireworks early this year amid supply chain shortages and inflation.
“You risk not getting your favorite product if you wait until the week before to buy it,” Abby McGrath, Manager of Dean’s Party Mania, said.
Production of Chinese-made products like fireworks and American flags has slowed down due to the country’s lockdown of COVID-19.
Justin Phillips, Owner of Phil’s Phireworks, said he’s seen prices increase by 10%-12% since last year.
“The upped rates, just because you ordered fireworks in August, doesn’t mean that rate is locked in. They’re heavily tied to gas prices which everyone knows has gone through the roof,” He added.
The store typically carries four different kinds of Roman candles, this year they only have three.
“That’s business, sometimes you have ups and downs. You have to keep going forward,” Phillips added.
On Terre Haute’s Eastside is Dean’s Party Mania, they carry fireworks year-round. Manager, Abby McGrath, said the company has made it a priority to accommodate its customers during the current economic challenges.
“Are the prices going up? Well, on everything that you look at yes. We made sure we have price points that are really inexpensive and there’s stuff that’s going to be what it is,” McGrath said.
The price increase isn’t just felt on fireworks, but also on other signature summer foods.
Economist, Robert Guell, said meats like beef, pork and chicken have jumped in price by 30%-40%. Bread may also cost more due to the war in Ukraine and the country’s history as a major wheat provider.
“Buy what you need and what it is you want. Don’t expect prices to be appealing and the selection to be vast,” He added. “I don’t see a break coming anytime soon.”