Consumers see increase in goods and services cost
WICHITA, Kan. (KWCH) - Prices on just about everything right now seem to be higher. It’s due to material shortages and hiring difficulties and as a result, businesses have been boosting prices for consumers. It’s keeping inflation elevated. From groceries to gas, you may have noticed you’re paying more.
Michael Proctor is the President of Leading Edge Financial Planning and says only recently inflation has gone up.
“The average is three percent over the last couple years, so we are noticing it, but we aren’t used to it,” said Proctor.
This should be the best time for low wage workers as a pandemic created labor shortages, forcing many businesses to sharply increase pay, but for many that raise may not feel like it should. Consumers are seeing higher costs and inflation.
Families could be feeling the increase. Proctor says creating a budget is a good place to start, if you don’t have one already.
He says pay the most important bills first and then cut in areas that aren’t as crucial.
“Usually, it’s not the groceries you need to cut, you could buy great value instead of the top shelf milk.”
He says there are great tools to keep you on track, like setting up alerts with your bank to tell you when you’ve gone over or hit a certain limit. You can also double check prices to keep track of small increases on your bills.
“Just keep first things first, keep your priorities clear and your budget will follow,” said Proctor.
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