Holiday shoppers squeezed by generational spike in inflation
NEW ORLEANS (WVUE) - Holiday shoppers are feeling the squeeze as the U.S. experiences the highest inflation spike in 39 years.
The Bureau of Labor Statistics reported the numbers today as millions prepare to travel or cross items off their shopping list.
Over the last 12 months, consumer prices, including the essentials like gas and groceries, are up 6.8%.
That’s the biggest spike since 1982.
“I know a lot of people are feeling it. A lot of people are really feeling it,” as she paid to fill her tank along Tulane Ave. in New Orleans.
Financial Advisor Mike Martinez, with M. Martinez & Associates, says supply has consistently struggled to keep up with skyrocketing demand and the issue is being compounded by the pandemic.
“If we can teach them how we had to handle it in the 80′s, I think it will teach them how to handle it if we do have a little bit of a period where this inflation effects us for a little while,” said Martinez.
Liz Cattley says she dropped over $700 while grocery shopping along Veterans Blvd in Metairie.
But she says she trying to be more efficient when running errands.
“I never go out for one thing anymore. I make sure I’ve got one or two things to do before I get in the car and I walk a lot more,” said Cattley.
Martinez says no matter your financial situation, there’s no shame in getting creative when it comes to saving money.
“Now you know with $3 a gallon, you really have to consider and say you know what I’m going to be more efficient and make sure I get all the items I need in the grocery store and try not to make so many multiple trips,” said Martinez.
“There’s a lot of value out there, we just need to look for it now.”
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