Rising Fuel Prices Impact Air Fares, Groceries
MIAMI (CBS4) - It took virtually no time for us to feel the impact of rising oil prices as the price literally skyrocketed over the last month.
Rachel Prieto, who works as a driver in Miami, said the only way she's found to deal with rising gas prices is to find extra work.
"I'm getting a second job," said Prieto, "You do what you've got to do, you know."
Higher fuel prices have already impacted the cost of air fares and shipping. According to CBS News, we'll soon see higher food prices at the grocery store, up 3% to 4%, because of higher production costs.
Anyone looking to cut costs can follow a couple of simple steps. First, buy items you use regularly (like paper towels and toilet paper) in bulk. If you can, plan your dinner menu for the week around weekly specials at your grocery store. Use coupons, stick to a shopping list and avoid last minute impulse items based on low prices for items you normally wouldn't even use.
Some economists say we are in better shape to handle rising prices at the pump this year than when we last dealt with them in 2008 because our overall oil usage is down. Despite concerns that those rising prices will hurt the recovery, federal officials still believe they may be just a short term problem until Saudi Arabia and Kuwait boost their oil production.
