TAMPA, Fla. (WFLA) — New data out Wednesday shows the inflation rate rising to 9.1 percent. The increased cost of goods from gas to groceries all contributed to the rise.
In just one year, the cost of regular gasoline is up 60.4 percent. A dozen eggs rose 64 percent year to year.
So what should consumers keep in mind while trying to weather the rising rates?
“The average person should be looking at their spending because if they’ve had excess money and they haven’t been paying attention to the higher prices they’ve been paying, now is the time to pay attention,” John Wax, a certified financial planner and President of Waller & Wax Advisors said.
First, don’t be overly concerned. Wax said steps have already been taken to slow inflation over time.
“These things are already happening and steps are being taken to address issues like rising prices,” he said.
Then he advises consumers to cut spending in areas where it’s not needed right now to find extra money.
“Just rein it in so that you give yourself more time,” Wax said. “Because even though we’ve been seeing wage increases, we’re not seeing wage increases keep up with the cost of living.”
Third, Wax said moments like these present great opportunities, even if they seem hidden by staggering numbers.
“We can fall back on Warren Buffett’s famous quote which is to ‘be greedy when others are fearful and be fearful when others are greedy,'” Wax said. “This may not be the time to deploy money into other ventures, but we’re probably closer to that point than we are to where the peak was.”