Let’s face it; inflation is a reality. Have you noticed a slight uptick in the cost of groceries or at the gas pump? When COVID happened two years ago, most consumers became more reserved with their spending choices. Although we are still finding our way through the pandemic, some have reverted to swiping without paying attention to the cost of goods and services. Please understand that inflation landed on our front door some time ago. So don’t wait on the other “shoe” to drop; it already has. Look at the stats below and be determined to track every dollar as if we were not in the highest inflation rate since the 1980s.
According to Kelly Ann Smith (Forbes), “Inflation first became an issue in Spring 2021 when the nation was emerging from strict Covid-19 protocols. A mixture of rebounding demand, supply chain issues, and labor shortages started pushing prices up—but they’ve yet to stop rising.”
“These items have seen some of the highest gains over the past 12 months:
Meats, poultry, fish, and eggs: 12.5% increase
Fruits and vegetables: 5% increase
Electricity: 6.3% increase
Furniture and bedding: 13.8% increase
Women’s dresses: 8% increase
Jewelry and watches: 7.2% increase
Rent of primary residences: 3.3% increase.”
The positive side to where we are now is that relief is imminent. If you create good money behaviors now, imagine how far ahead you could be emotionally and financially concerning your money. Control your impulses!
Christine Roebuck, Financial Strategist