OCEAN CITY, Md. - There's no doubt that inflation is impacting everything from gas to groceries. Some people are even cutting corners on their summer vacations. Boat rental companies are even seeing a slip in sales.
Bayside Boat Rental is one of many boat rental companies in Ocean City. Bayside's owner, Jackie Cutlip, says this summer she has seen a decrease in sales and is making necessary adjustments to stay afloat.
"Pretty much everything somehow COVID has impacted price-wise and obviously to stay in business - and remain in business - we have to make some price-wise adjustments."
Inflation has increased by 9.1 percent this year, which is the fastest annual rate in 41 years. Those soaring numbers are not stopping some vacationers like Michael Starr.
"We've been doing this since 82', like the 90s," Starr said. "We love it down her, we plan out for it, our certain ventures. So taking the boat out is always fun. Taking the kids out and seeing them fish is always fun."
The boat rental companies are feeling the pinch of inflation in others ways too.
"So we're kind of comparing this year's numbers back to 2019 it is a little slower than we're used to," Cutlip said. "But you know gas prices it takes more money to get down here from far away. We buy new boats every year. They were almost 30% more to buy a new boat than a few years ago, the same thing with the Jet Ski."
And inflation continues to rise the Federal Reserve raised interest rates again on Wednesday in an effort to slow the record rise.