Everywhere you go, you hear about record inflation. Manufacturers are getting hit with higher costs for labor, raw materials and transportation so they hit us to cover the gap. But what exactly are you paying more for?
The U.S. Bureau of Labor and Statistics tracks price changes every month in its Consumer Price Index. Everything from groceries to gas to rent rose 6.2% from a year ago in October of 2020, hitting the highest point in more than 30 years,
Watch the video above to see just how much prices went up year-over-year on specific items you have in your house right now.
Want to see more of the Consumer Price Index? Click here.
There are ways to stretch your dollar. Check out these tips from RetailMeNot.com:
- Online Shopping: Promo code browser extensions are a great way to save money. Extensions like RetailMeNot’s Deal Finder Chrome extension make it easy to automatically scan for promo codes and cash-back offers which you can apply to your purchase, no matter when you shop. Another good one is Honey.
- Maximize Rewards: You may not be able to control the total at the register much, but you can maximize rewards. Target Circle, for example, couldn't get any easier — you earn 1% back on practically everything and can then use it against future purchases. Take a careful look at Kohl's holiday deals — they'll often sweeten deals not by drastically lowering prices, but by giving Kohl's Cash on certain purchases during the holidays. We've seen up to $100 in Kohl's Cash back on select items, and $15 to $20 is pretty commonplace during its Black Friday promos. So shop strategically to earn that currency and use it against future purchases.
- Save on Food: With food prices rising, consumers don't have a ton of control here, and there aren't many easy ways to save on groceries when prices are going up practically across the board. But there are strategies. For example, some dollar stores have produce and grocery sections. Selection may vary and the exact item you need might not be there, so the strategy is to get creative and plan a meal around what's available. The same goes for budget stores like Aldi. Plus, take a look at Walmart's and Target's weekly ad as well as the weekly flyer from your grocery store. Buying things that are on BOGO pricing and freezing them if possible can save you money on next week's grocery run, if not this week's. Also, grocery stores often price items that are nearing their expiration date to sell quickly. Bagged greens and meats are prime examples. So zero in on these items, cook in batches and freeze what you cooked for later.
- Save at the pump: Loyalty programs for major gas stations are free and can offer cents-per-gallon discounts.