ATLANTA — Inflation is affecting household budgets across the board, and Channel 2 consumer adviser Clark Howard points to the cost of groceries as exhibit number one.
“You’ve got to be careful on everything you buy, where you buy it and when you buy it too,” Howard said.
Leah Jones told Channel 2 the cost of eggs is what hit her the hardest.
“Eggs should not be $5, $10, almost $8. It shouldn’t be that high,” she said.
Traci Selke said her budget is stretched everywhere.
“All my bills, my household, internet service, phone service, everything is just climbing,” Selke said.
The Consumer Price Index indicates prices for all food are predicted to increase by 2.7 percent by 2026. According to Howard, buying store brands is a simple change to keep costs down.
For example, name brand rice costs $4.28, while the store brand at Walmart is $1.68, saving $2.40. Skipping organic eggs can save $4.30.
Charis Brown, who runs ClarkDeals.com, has seen consumers responding to deals under $10 as budgets are tight due to inflation and tariffs affecting retailers.
“I think everyone’s feeling a bit pinched with their budgets and so are the retailers because they are dealing with the tariffs,” she said.
She expects significant discounts this holiday season, noting that 84% of people now prefer better prices over sticking with brands.
“That’s gonna be really important for retailers, I think, to think about because if they want to keep their customers with them, then they’re gonna think about really meeting them where they are with the price,” Brown said.
When it comes to your retirement, investment adviser Wes Moss advises against pulling out of the market due to inflation, emphasizing the importance of continued saving.
“So, if money is sitting under the mattress not earning something, inflation is clipping away at the power of that money no matter what,” he said.
He stresses the need for money to grow along with inflation to protect purchasing power for retirement.
Howard said while inflation has been ugly the last six year, many prices are not increasing as rapidly as before.
“We are over the next few years going to get a chance to catch our breath on prices. In the meantime you gotta watch every penny,” Howard said.
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