Surging prices for gas, food and other necessities sent consumer prices jumping 8.6% last month compared with a year ago.
This is the biggest yearly increase in more than four decades.
It’s affecting everyone.
John Bosse doesn’t fill up his grocery basket anymore.
He can’t afford to.
He said with the insanely high prices, he only buys what his family needs.
“A year ago, probably rack it up to $500 per trip, $400 because I eat a lot and I have a big family but now we try to keep it lower to $200, $150 as much as possible,” Bosse said.
That’s more than a 50% budget cut and an emptier pantry.
FGCU economist Victor Claar said those grocery budgets might get slashed even more as inflation continues to stick around.
“If you’re getting squeezed by these crazy high inflation rates, especially with those basics, it’s really really hard. So, inflation is a problem for everybody but it’s especially hard for people who are right at the edge anyway,” Claar said.
For almost a year now, WINK News has tracked the prices of basic goods at Target, Walmart and Publix. The price of everything has gone up, but the basket from Walmart will cost you less at $54.58.
At Target, it will cost $58.50.
And Publix, the most expensive, will cost $59.24.
Bosse said he goes to Walmart because that’s where they see the most bang for their buck to make the smaller cart go longer.
“I’ve just been trying to conserve as much as I can. I’ve been trying to get good source, not junk food or anything like that. Get the basics and then be on my way,” he said.
You can shop the ads and look at the grocery store circulars to compare prices. Buy one, get one, make it worth it to go to Publix because Walmart and Target don’t offer those sales.
Claar said he thinks the Federal Reserve will raise interest rates again next week and next month to help taper the high-rising costs.