Anyone who's been to the store or done some online shopping recently knows that inflation is taking its toll. According to the US Department of Labor, the consumer price index rose four-tenths percent in September, 5.4 percent more than last year. As a result, social security recipients will see the largest increase in 40 years.
But as the economy recovers from the domino effect caused by the pandemic, the price of daily commodities continues to climb. Supply chain jobs problems and shortages are contributing to that increase.
According to the US Bureau of Labor Statistics, in the last year alone, food prices increased 3.7 percent, energy 25 percent, and electricity bills increased 5.2 percent, the largest 12-month increase since March 2014. As a result, consumers are feeling the weight of inflation directly in their wallets.
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“I always tell people to spend some time reviewing your finances,” budgeting expert Andrea Woroch said. “You can’t really make a change until you take a look at where your money is going in the first place.”
Woroch tells CBS2 and KCAL 9 reporter Jake Reiner that with the economy uncertain, it is more critical than ever for people to check receipts and bank statements.
Plus, changing daily routines like meal planning, buying used and reconditioned electronics, and constantly looking for cheaper insurance prices can save you some extra money.
“Last year, I noticed the price went up on my home owner’s insurance policy, so I did a quick search and was able to switch, get better coverage and save over $1,000 on my annual premium – now that’s real money a lot of people can do with those thousand dollars,” Woroch said.
Inflation is also forcing people to make changes to their weekly routines and lifestyle. "You just have to sacrifice a few things to pay for the real necessities - it's usually the fun things you have to sacrifice," said Jamie Boulanger.
