From utilities to cars, food,
and even alcohol -- prices are up. In this week's Deep Dive, News
12's Kristie Reeter is taking a deep dive at just how much costs have
been rising on things we buy every day.
In a poll taken by News 12, we asked, how inflation is impacting your spending? You can
see in New Jersey, a majority of people, 47%, said they are limiting any
extras.
Caleb Silver with
Investopedia talks about where some of the biggest increases are when it comes
to inflation.
“Inflation is up around 5%
from a year ago. But you are feeling it in the essentials, that's gas prices,
up 60.4% from a year ago, used cars and trucks up 31.8%,” says Silver. Fuels
and utilities like home heating oil is up 9.5%, and food is up 6.5%.
What kind of impact are we
expecting this will have on people's holiday shopping?
"Well we were expecting
retail sales to go between 8 and 10% for the holiday season,” says Silver.
“Cyber Monday, Black Friday a little softer than we expected and November
retail sales also softer than expected, especially in apparel and in
electronics and you can see folks pulling back a little bit toward the
end of the year."