After three straight months of decline, the cost of your day to day necessities is starting to go up. We’re stretching your dollar with a look at what’s getting more expensive and where you may find savings.
Some of your daily necessities are getting more expensive like gas and food the longer the pandemic continues. The Consumer Price Index measures what Americans pay for everything from clothing to appliances and is a closely watched indicator during a recession.
Experts say price increases are an encouraging sign of consumer spending, Driven by a surge in the prices of gasoline and food with much of the jump in food prices due to the rising cost of meat.
Prices grew for beef and veal as well as pork, bacon and hot dogs. Temporary closures of meat processing plants helped drive meat prices higher.
But eggs, fish and dairy have been getting slightly cheaper. Other items seeing higher prices in June apparel — especially clothes for young children — and men’s suits. And home supplies, like linens, window and floor coverings, bedroom furniture, appliances and outdoor equipment.
One economist predicts consumer inflation will remain low for the foreseeable future, except for a few COVID-19 price shocks from items in high demand like food at home.