ST. GEORGE, Utah (ABC4) – Have you noticed things are suddenly getting more expensive? That increase is due to inflation. Consumer prices are up 5.4% from last year, according to information from the Bureau of Labor Statistics.
“When you go to the grocery store, and you go to purchase things, you’ll notice things are going to be higher than they were,” says Bill Wallace, a Chief Investment Officer at Soltis Investment Advisors.
Wallace says the pandemic and government spending are just a couple of reasons prices are going up.
“When inflation gets above 2%, we’re rising at about 4-5% inflation right now, those numbers get to be troublesome because prices are rising too fast,” he says.
Wallace says those on a fixed income, like retired individuals, will be affected the most.
“Retirees need to know, the social security system is going to be doing a cost of living adjustment for your Social Security benefit in 2022, so it’s going up in the neighborhood of 5% next year,” he says.
Wallace says there are ways to beat inflation, like using coupons or buying items on sale and diversifying your financial portfolio.
“Sometimes, it’s good to go ahead and purchase what you need now, rather than wait, because if prices continue to go up, you can get it cheaper now,” he says.
Wallace says inflation will be higher than it has been in the last 10 years and high prices may last for another two years.