Inflation Hits 30-Year High: Prices Rise From The Pantry To The Pump
by Robbie Owens | CBS 11
DALLAS (CBSDFW.COM) - From the pump to the pantry, everything is costing more.
And you can blame inflation.
New economic reports out Wednesday, Nov. 10 show inflation in the U.S. has hit a 30-year high.
And you'll get no argument from Robert Williams.
"I went to buy pack of ribs, they're usually !13.00," says Williams, "they were 19.00!"
Williams like so many others, say the rising prices have become noticeable. He's already considering getting a second job.
"It's very disconcerting," says Jan Bennett. "I think it's going to get worse before it gets better."
The confirmation of the runaway inflation is also troubling for those working to help families already on the financial edge.
"Those numbers have real impact," says Melinda Opperman with Credit.Org. "When I saw the news today my stomach just had a real blow to it because I know the families we have been working with... this is going to hit them hard."
Opperman's national nonprofit works to help clients better manage their money-- even when there seems not a lot to manage. She says paying a few dollars more to top off the tank, fill a grocery list or pay for utilities all adds up. So where do families without a lot of financial cushion find the extra cash?
"Start by looking at bank statements," says Opperman. "Look at recurring bills, see if there are any you can discontinue or trim back."
Opperman also suggests negotiating with companies to see if lower rates are available.
Perhaps the cell phone, cable or internet providers would be willing to lower rates rather than lose a customer. And trimming those grocery bills?
"We suggest to our clients to shop your own pantry, shop your own freezer, get rid of those items first."
And finally, resist the temptation to not plan ahead.
"Pay yourself first," says Opperman. "Starting an emergency fund is critical. And an emergency isn't a matter of 'if', it's a matter of 'when' and so just even paying yourself first every pay day, small amounts in your saving account, that's going to create such a buffer for you."
With the holidays coming, Williams says he's not only cutting back now, but looking to pick up an extra job to pay for the extras.
"Just can't wait for it to get better" adds Williams, " that's all I can say."