Rising
costs -- you feel it daily. So, what can help?
Knowing what to expect. In this week's Deep Dive, News
12's Kristie Reeter is looking at all categories from alcohol to car sales.
In a News 12 poll, New Jersey residents were
asked: Are higher prices changing how you grocery shop? And 54% say they
are now shopping at other stores and changing things up, trying to save money.
We are all having to make changes to deal with the rising costs
and knowing what's going on, that helps us budget better and Caleb Silver with Investopedia
is here to help make sense of this. Where do things stand now when it
comes to rising costs?
“Yeah, they keep rising, inflation is at a 40 year high around the
country, we know that,” says Silver. “But when we look inside the state of New
Jersey the categories are very interesting. Used cars and trucks are up 3.7%
from a year ago, those prices just keep rising. Utilities and gas to heat your
home, 3.5%, that's troubling esp. given how cold it has been lately. Dairy
products up 2.6% and new and used vehicles up 1.7%."
How is this impacting families' bottom line in New Jersey?
“Well rising costs impact everyone especially on the low-income
side and we have seen through the Census Bureau's Household survey 26.5% of New
Jersey respondents said they are having trouble or extreme trouble paying
household bills, and that is up from just a year ago and we know that things
are not going to get better,” says Silver. “Inflation is probably going to be
with us for the next three to six months at this level."