It’s no secret that the rising rate of inflation is hitting American households hard amid reports of the 8.3% increase in consumer prices.
According to an analysis by Ryan Sweet, senior director at Moody’s Analytics, Americans are paying an additional $341 per month to purchase the same services and items compared to last year.
“This is a little less than last month but still a noticeable burden on households,” Sweet explained.
Grocery store purchases are up 0.9% from March and an estimated 9.4% since last year. Kitchen staples have experienced a significant increase with the price of eggs rising 10.3% from the previous month, chicken jumped by 3.4%, and milk rose 3.1%.
Meanwhile, butter has risen 3.7% month over month, while margarine was hit with a 7.1% price increase.
Even though energy prices have decreased by 2.7% from March, it is still up 30.3% compared to April of last year. Airline fares also are up 18.6% from a month ago, while the price of new cars rose 1.7% from March.
However, retirees may not be feeling the financial pains as much as families ages 35-45. Older households typically spend less on transportation and have the flexibility to buy less gas by carpooling or combining trips.
Aside from the rising cost of healthcare, which had a 6% growth rate, other spending categories for retirees may only experience inflation of 1.5% to 2% annually.
According to experts, if you disregard the cost of health care, retirees often spend less overall, until age 80, on other categories.
However, those feeling the impact of inflation can use different methods to save money. Money expert Sahirenys Pierce suggested creating meal plans to make the most out of your tips to the supermarket.
Pierce plans meals around items that are one sale and then makes three of the meals on Sunday. Those prepared meals allow her to skip picking up takeout throughout the week.
Other money-saving suggestions include having a staycation or day trip instead of a costly vacation and getting rid of subscription services that you don’t need.
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