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Inflation surged 8.5% in March. Where Americans plan to make cuts


Prices at Bloomfield gas stations on Sunday March 13, 2022

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The March increase in inflation could cause households to cut their spending further.

The Consumer Price Index is a measure of the price of certain everyday goods. surged 8.5% on the year in March, the U.S. Department of Labor said Tuesday.

This report revealed that December 1981 was the year with the highest level of inflation. Although wages are rising for some workers, the inflation rate is not keeping pace with them.

More than half of adults believe that if prices continue to rise, they will cut back on eating out. CNBC + Acorns Invest in You survey, conducted by Momentive.A survey online of more than 4,000 adults took place March 23-24.  

The survey revealed that people are cutting down on subscriptions, driving, and cancelling vacations in order to keep pace with inflation.

“It’s been astounding,” said Tania Brown, an Atlanta-based certified financial planner and founder of

The mind is experiencing rising prices

The March inflation data contained some positive news, it is certain.

Core inflation is the price of energy and food, but it didn’t go up as fast as predicted by economists. It could be that March was the highest level of inflation and prices will start to fall in future.

Yet, inflation has reached its highest point for 40 years. This has caused a rise in the price of many consumer goods and service, such as housing, food, and energy.

Americans now spend more on their essentials and are tightening their wallets without changing any of their habits. These price increases are being noticed by people who pay more attention. CNBC’s survey revealed that nearly half of adults think constantly about rising prices, and 55% are always checking for changes in their household finances.

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Susan Greenhalgh is an accredited financial counselor and runs Mind Your Money in Hope. She says that keeping your eyes on your spending is a great strategy. You can’t really understand the money you have unless your eyes are open to it.

She said that keeping track of your spending can help you cut costs as inflation affects everyone in a different way. You can reduce your driving if you don’t like eating out but are feeling squeezed financially by high gas prices.

Because prices rise so fast, it’s important to keep track of your spending and compare them month to month. Adjustments may be more frequent than usual in recent years.

“The No. “The No. foodBrown stated that they provide shelter, transportation, and medical care.

How to fight inflation

The inflation could continue to heat up, further reducing budgets. Adults surveyed said more than 75% they’re worried higher prices will force them to rethink their financial choicesThis survey is closed.

Brown stated that the worst effects will occur to those who have the lowest incomes, as they may feel forced into survival mode. She advised those who are struggling to reduce spending to contact creditors and lenders in order to ask if they can delay payments.

She said that some people might be eligible for assistance with their utility bills. This could reduce monthly expenses. She also suggested that it might be a good idea to make emergency savings in order to pay for your most essential expenses, if necessary.

Greenhalgh stated that those with higher incomes need to adapt, particularly if they wish to continue saving the same amount as before inflation.

To avoid getting into debt, it may be necessary to reduce your savings if you have a tight budget. Brown and Greenhalgh recommend that you save smaller amounts each month to help keep your savings habit going.

Brown stated, “As long you are taking the right steps it’s all good,”

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Disclosure: Comcast Ventures is an investor in NBCUniversal. Acorns.