NASHVILLE, Tenn (WTVF) — The cost of food, rent and even healthcare are all expected to climb in the next few months as inflation remains near record highs.
If you've been to the store lately, you are seeing how high the cost of living is getting.
Prices at the grocery store increased 13% in September — eggs are up more than 30% while coffee is up nearly 16%.
September numbers show consumer prices are up 8.2% compared to a year ago, meaning inflation is not budging.
Home costs are also rising.
Electricity is up more than 15%.
Natural gas to heat your home has increased 33%.
A new report from the Bureau of Labor Statistics will likely bring new action from the federal reserve next month.
Some good news: social security recipients are getting more money to help cope with soaring consumer prices.
Roughly 70 million retirees, disabled people and other recipients will see a boost in their benefits next year — the largest annual increase in 40 years.
The White House hopes the increase will allow seniors and other Americans to get ahead of inflation, giving them a little extra breathing room.
"What we know is that while inflation does impact everybody, it's the people who earn less money who really feel the brunt of this, right? Because think about it: if you're making $40,000 or $50,000 a year as a household, the lion's share of that money is going to pay for shelter and for food and for energy. And with those indexes all up pretty strongly, there is a lot of pressure there," said Jill Schlesinger, CBS business analyst.
The federal government has been raising interest rates in an attempt to bring down inflation, but the strategy is having little impact.
We're on the course for another rate increase, which will be the sixth of the year.
