3 On Your Side: What Inflation High Means For Your Wallet
by Jim Donovan
PHILADELPHIA (CBS) -- If you thought things were just a little bit more expensive, you're right. Inflation has hit a two-and-a-half year high.
Gas prices, rent, flights, car insurance.
Just some of the many things that have gotten more expensive, according to the consumer price index -- the program the federal government uses to track costs.
You may have noticed the biggest jump at the gas pump, last month gas prices went up 3%.
And according to AAA this week, the average price of regular unleaded gas is hovering at around 10 cents more than it was a month ago.
But not every sector is seeing a hike.
Grocery costs have gone down -- slightly -- for the last eight months, and the cost of clothes also dropped less than one percent.
This may be the new norm for a while.
The federal reserve raised its interest rate last month, and the fed plans to keep raising rates throughout the year, Which could potentially make inflation -- and prices -- go up