THE TROUBLE WITH INFLATION IN 2022 isn't just how high it is-up 9.1% in June from a year earlier but also its breadth. In June, just about every consumer spending category, with the exception of watches and men's shorts, rose often by double digits.
Some of the biggest increases were in food categories, and the price hikes were across the board. Chicken, long the budget option for families, rose 18.6% price-sensitive in June. Switching to a vegetarian (or vegan) diet would have offered some savings, but not much: Fresh fruits and vegetables rose 8.1%.
Underlying these increases has been a sharp jump in energy prices, which has added to the cost of transporting food and other consumer products. The price of gas jumped 60% in June from a year earlier, and while prices at the pump have dipped slightly in recent weeks, they're still near recor levels. Kiplinger sees little sign that gas prices will ease over the longer term. As long as demand remains strong, gas prices will likely remain near $5 a gallon this summer and could spike well above that amount if a hurricane in the Gulf of Mexico region shuts down refineries even for a few days.
This story is from the September 2022 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 2022 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Your Vacation Home Could Provide Tax-free Income
If you plan to rent out your vacation home, it's important to understand how your proceeds will be taxed.
IT'S NOT YOUR IMAGINATION: YOUR CEREAL BOX IS SHRINKING
To avoid raising prices, some manufacturers are reducing the size of common grocery items. Here’s how to fight back.
SHOULD YOU WORRY ABOUT BEING LAID OFF? IT DEPENDS ON YOUR INDUSTRY
Downsizing has hit certain sectors. But cutbacks may be slowing, and some companies are expanding.
How identity thieves are exploiting your trust
Con artists themselves are disguising as well-known brands to steal your money and personal information.
CUT THE COST OF YOUR WIRELESS BILL
AT&T, T-Mobile and Verizon dominate the market, but smaller outfits offer similar network coverage at lower prices.
MAKING HOME ENERGY MORE AFFORDABLE
Households in need can get energy-efficiency upgrades, help with utility bills and more from this nonprofit.
A HEAD START FOR SAVERS
The Saver's Credit is designed to help low- and middleincome taxpayers contribute to a retirement account.
Say I Love You With a Money Date
To nurture a lasting bond with your partner, meet regularly to talk about money.
Plan for Your Own Elder Care
AFTER I wrote a series of columns in 2022 about elder care planning for family members, I received a number of responses like this one: “What about married couples who have no children or whose family members don’t live nearby?” wrote one reader. “Or a single individual with no close relatives? How should these people plan for their own elder care?”
OVERCOME RETIREMENT OBSTACLES
Most likely, you'll encounter setbacks on your journey. But with careful planning, you can surmount them.