- Local skate shop Necessary Skate Company has seen a 43% increase in sales since inflation has decreased and moving to a new location.
- The Inflation Reduction Act, focused on creating clean energy infrastructure, jobs and lowering prices, turns one Wednesday.
- We take you inside the store in the video above
BROADCAST TRANSCRIPT:
Despite the continued pressure of inflation, stores like Necessary Skate Company tell me they're seeing the impacts of an easing economy through increased sales. Economic experts said not all of the credit can be given Biden's inflation reduction act.
Alex Melendez has always loved skating and more recently, operating a local skate shop.
He said it has been easier in the past year to bring in business to Necessary Skate Shop.
"Huge difference in foot traffic and people are out to have a good time in this area so they wander in and buy our products," Melendez said.
Despite continued inflation, Melendez said he has seen a 43 percent increase in sales.
"We run the numbers all the time and we have seen a huge double-digit gain," Melendez said.
With a new location, he thinks visibility is increasing business, but also said an easing economy could have something to do with it.
"As gas prices go own or the price of a dozen eggs go down, people are a little looser with their money," Melendez said.
That was the goal of the Inflation Reduction Act signed into law one year ago.
The bill, largely focused on clean energy infrastructure, creating more jobs and lowering prices.
"You have to remember these are long term investments that Americans are going to start to see," Biden Press Secretary Karine Jean-Pierre said in an interview.
However, the dip in inflation may not be completely due to the new law.
ABC News reports that economists say the Inflation Reduction Act had little to nothing to do with the drop in inflation from 9% to 3.2.
Those experts said oil and gas prices coming down and an improving supply chain are responsible.
Something that Melendez has noticed himself.
"We were just kind of waiting around for them to show up but as time went along, it flip flopped and it turned into an over abundance and perhaps we even over ordered at the time," Melendez said.
While he does not know if the inflation reduction act directly impacted his shop, Melendez hopes things continue to trend upward.
"I personally like to see everyone in Bannerman Crossings and Tallahassee succeed," Melendez said. "I mean, that's why we set out to do business."
The Federal reserve is set to lower interests rates once inflation hits 2%, a percent lower than current inflation.
Once that happens, even more money could go back into the pockets of Americans to spend at places like Necessary Skate Company.
