Stretch your Dollar: Adjusting your spending amid latest inflation period

Stretch Your Dollar

(ABC News) — As we emerge from the pandemic, you will soon notice life is getting more expensive. We’re filling up our cars, taking road trips, and shopping inside without masks again. We are stretching your dollar with a look at what’s going up so you can adjust your spending.

Experts say consumer prices rose 0.9 percent last month. You’ll feel it if you’re trying to buy a used car. Those prices up 10 and a half percent in June from just one month ago. Hotels are up 7.9 percent, beef prices are up four and a half percent. Poultry, fish and eggs are up two and a half percent.

The price hikes are starting to eat into some of the optimism we’ve seen from jobs this summer where bonuses have become more common.

Wage hikes are happening at a number of employers to attract new people to the jobs market. That, unfortunately, becomes a wash when you see prices so much higher.

The question is, where are the prices going from here? The White House said it’s temporary. However, some top economists think it will have lasting consequences as we recover from the pandemic.

The bottom line is that your dollar today doesn’t stretch as far as it did just one month ago. It’s important to keep in mind as you budget your money. This is the fastest inflation increase in 13 years.

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