LOS ANGELES (TNZT) – Anyone who’s been to the store or shopped online recently knows that inflation is taking its toll.
The consumer price index rose four tenths of a percent in September, 5.4 percent more than last year according to the US Department of Labor. As a result, social security recipients will get the biggest increase in 40 years.
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But as the economy recovers from the domino effect caused by the pandemic, the price of basic necessities continues to climb. Supply chain issues and shortages are contributing to this increase.
According to the United States Bureau of Labor Statistics, in the past year alone, food prices have increased 3.7%, energy by 25% and electricity bills by 5.2%, the largest 12-month increase since March 2014.
Suddenly, consumers feel the weight of inflation directly in their wallets.
“I always tell people to spend time looking at their finances,” said Andrea Woroch, budgeting expert. “You can’t really make a change until you’ve looked at where your money is going in the first place. “
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Woroch told TNZT and KCAL 9 reporter Jake Reiner that with the uncertain economy, it’s more important than ever for people to look at receipts and bank statements.
Plus, changing daily routines like planning meals, buying used and refurbished electronics, and constantly looking for cheaper insurance prices can save extra money.
“Last year I noticed that the price of my home insurance policy had gone up, so I did a quick search and was able to switch, get better coverage and save over $ 1,000 on my annual bonus. those thousand dollars, ”Woroch said.
Inflation is also forcing people to change their weekly routines, their lifestyle.
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“I just have to sacrifice some things to pay for the really necessities – it’s usually the fun things you have to sacrifice,” Jamie Boulanger said.