ECONOMY
ACCORDING TO A RECENT WASHington Post-ABC News poll, 94 percent of Americans describe themselves as either "concerned" or "upset" about inflation. And with good reason: According to the Bureau of Labor Statistics, prices were up 8.3 percent in April from the year before, a slight decrease in the inflation rate from March, but still close to the highest it has been since spiking at over 14 percent annually in 1980.
There are numerous likely culprits, ranging from moves in recent years by the Federal Reserve to brisk consumer demand to supply chain problems exacerbated by the pandemic to higher oil prices linked to the war in Ukraine. But if experts disagree about exactly why inflation is up so dramatically, few of them are expecting it to ease any time soon.
Until it does, consumers will have to look hard for ways to save on things we buy all the time like food, clothing, furniture, cars, and travel. Here are few ideas to help you ease inflation's bite on your wallet in categories where prices have been rising the most steeply.
THE GROCERY STORE IS where most Americans are likely to feel the biggest impact from inflation. The Department of Labor's food-at-home index rose 10 percent over the last 12 months, the largest 12-month increase since 1981, with the biggest markups being meat, particularly beef. According to the Bureau of Labor Statistics, the average price of a pound of ground chuck in April was $4.94, up 1.5 percent from March and up 15 percent from last April.
One e way to save at the supermarket is by paying with a credit card that gives you cashback on food. Blue Cash Preferred Card from American Express gives you 6 percent cash back at U.S. supermarkets on up to $6,000 per year. The American Express Gold Card offers four points for every dollar spent at both restaurants and grocery stores.
This story is from the June 03 - 10, 2022 (Double Issue) edition of Newsweek.
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 June 03 - 10, 2022 (Double Issue) edition of Newsweek.
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
The States Keeping Their Children Hungry
The Summer Electronic Benefit Transfer could help feed millions of children in households experiencing food insecurity, yet 13 states have declined to participate in the program
The Secret to Being an ADHD Whisperer
Loosening up and ceding control are some of the most important strategies for making life easier for a neurodiverse loved one
Fertility Clinics 2024
FOR THOSE LOOKING TO EXPAN D THEIR FAMILIES, FERTILITY CLINICS CAN BE A VITAL OPTION
'I AM ALWAYS IN THE MOMENT'
India's prime minister on his goals, his critics and his 'god-gifted' ability to listen
MODI'S MOMENT
INDIA'S LEADER is SHAPING the COUNTRY in his OWN ASSERTIVE IMAGE
Resurgence of Global Mayhem
While the world watches Gaza, ISIS is gaining strength and momentum, building networks and preparing for strikes worldwide
Is It Time to Leave Syria?
The U.S. is reportedly considering withdrawing from the country, with pressure from Damascus amid deepening unrest in the region. Is this the right move? Two experts weigh in
Chris Perfetti
IF YOU'RE ONE OF THE MILLIONS OF AMERICANS SINGING THE PRAISES of ABC's Abbott Elementary, fear not, they've heard you. \"We love to hear it,\" says Chris Perfetti, who plays Jacob Hill on the Emmy-winning sitcom about teachers at a Philadelphia public school.
Divine Intervention
POPE FRANCIS' PROGRESSIVE REPOSITIONING OF THE CATHOLIC CHURCH HAS CREATED BATTLE LINES BETWEEN ITS 1.3 BILLION FOLLOWERS, NO MORE SO THAN IN THE UNITED STATES
Who Rules Gaza When the Fighting Stops?
With no clear leader coming to the fore, questions remain about how the devastated territory will be managed