Deep Dive: Taking a look at rising costs and what to expect in New Jersey
Rising costs -- you feel it daily. So, what can help? Knowing what to expect. In this week's Deep Dive, News 12's Kristie Reeter is looking at all categories from alcohol to car sales.
In a News 12 poll, New Jersey residents were asked: Are higher prices changing how you grocery shop? And 54% say they are now shopping at other stores and changing things up, trying to save money.
We are all having to make changes to deal with the rising costs and knowing what's going on, that helps us budget better and Caleb Silver with Investopedia is here to help make sense of this. Where do things stand now when it comes to rising costs?
“Yeah, they keep rising, inflation is at a 40 year high around the country, we know that,” says Silver. “But when we look inside the state of New Jersey the categories are very interesting. Used cars and trucks are up 3.7% from a year ago, those prices just keep rising. Utilities and gas to heat your home, 3.5%, that's troubling esp. given how cold it has been lately. Dairy products up 2.6% and new and used vehicles up 1.7%."
How is this impacting families' bottom line in New Jersey?
“Well rising costs impact everyone especially on the low-income side and we have seen through the Census Bureau's Household survey 26.5% of New Jersey respondents said they are having trouble or extreme trouble paying household bills, and that is up from just a year ago and we know that things are not going to get better,” says Silver. “Inflation is probably going to be with us for the next three to six months at this level."