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Editor’s note: This article was supplemented by corrected information provided by Moody’s on additional spending this year by U.S. households on purchasing the same goods and services they did last year.
Americans continue to feel the sting of inflation.
Consumer prices grew by 8.3% in April a year ago. As a result, U.S. households spend an additional $ 341 a month on the same goods and services compared to a year ago due to inflation above typical inflation of 2% according to Moody’s Analytics senior director Ryan Sweet.
“It’s a little less than last month, but there is still a significant strain on households,” Svit said.
In March, the consumer price index, which measures prices for goods and services, jumped 8.5% over the same period last year.
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Although the growth rate is moderate, it is not as expected, said in a note the chief financial analyst of Bankrate Greg McBride.
“It may be tempting to say that we saw the peak, but we were also lied to earlier, as was the case last August,” he wrote.
Of course, consumers still feel pain, especially when it comes to the cost of food, housing, airline tickets and new cars. On the other hand, energy prices decreased by 2.7% compared to March – although they still increased by 30.3% compared to April 2021.
Prices for new cars rose 1.7% compared to March, while used cars and trucks fell 0.4%. At the same time, airline tariffs jumped by 18.6% compared to a month ago, and the cost of housing rose by 0.5%.
Food prices in grocery stores increased by 0.9% compared to March and by 9.4% compared to the previous year. Eggs, chicken and milk were the most affected. The price of eggs increased by 10.3% compared to the previous month, milk – by 3.1%, and chicken – by 3.4%. Butter rose 3.7% month-on-month compared to 7.1% margarine prices.
However, some prices fell compared to the month, as did vegetables, which fell slightly by 0.3%; beef and veal, down 0.9%; and hams, which fell 1.8%.
“It is important to pay attention to the cost of goods, and especially to the goods that need to be constantly paid every month,” he said. Winnie the Poohco-founder and CEO of Sun Group Wealth Partners in Irvine, California.
To fight high prices and find ways to save money, first check your spending.
“Knowing how much‘ more ’you spend is the ability to make informed decisions,” said San, a member of the organization. CNBC Financial Advisory Board.
She added that this could include whether to buy something in bulk, shop for sales or change the food for another, less expensive one, she added.
Meal planning can also help you save on products.
Money expert Sahirenis Pierce, founder of the personal finance blog Poised Finance & Lifestyle, is creating a nutrition plan for the week that includes items for sale. She then prepares three of these dishes on Sunday. Having a plan for the rest of the week helps her not to take takeaway or fast food.
“This strategy has helped my family save hundreds of dollars during our debt-free, pandemic journey and now in times of high inflation,” Pierce said.
In addition to the grocery store, look at other accounts, such as subscription services, without which you can do without. Consider changing an expensive vacation for a day or vacation.
You can also set it up as a monthly cash call, Sun suggests.
“Increase your supermarket budget, shop in the pantry, travel less for one month, find creative points for the month that will bring joy without increasing your spending,” she said.
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While saving money will help, you can also find ways to bring more money into your household.
Think about temporary side concerts such as freelance or tutoring, or even ask your manager to get extra payroll assignments, Sun advised.
Selling items you can live without, such as toys, appliances and clothing, is another way to make money. You can also rent something you do not use, such as an extra room, garage or even your pool (check your insurance first).
“Stretching your earned muscles can benefit you in difficult financial times and set you up for even greater success when things get better,” San said.
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Disclosure: NBCUniversal and Comcast Ventures are investors Acorns.