Inflation today is at levels we haven't seen in nearly 40 years. With prices on just about everything going up, so many of us are shifting our buying habits, even cutting back entirely.

How can you and your family deal with those rising costs?

News 12's Elizabeth Hashagen was joined by Gene Marks, the president of The Marks Group, to discuss the rising prices.

We know right now the Federal Reserve is trying to cool off the economy by raising interest rates, making it more expensive to borrow money to buy a house or expand a company.

Weaker business activity will slow hiring, leading to slower wage growth and, most likely, more layoffs.

Other studies have shown that one in five American workers are living paycheck to paycheck.

Overall hourly wages, according to the U.S. government, have increased about 6% over the past year, a healthy rise, but still not enough to keep up with the cost of living.

It could also allow America's goods and services, limited for more than a year by supply chain snarls and labor shortages, to catch up to demand, putting a damper on rising prices.

What steps can businesses take to help offset the financial impact?

One of the main reasons why so many businesses have been hit by the "Great Resignation" is that workers are shifting jobs simply for higher wages, not only because they need to in order to keep up with inflation but also because they can.

Small businesses employ more than half of the workers in this country, and, besides inflation, their biggest challenge is finding and retaining good workers. Is this the end of the great resignation? What about retention - how do you keep long term employees?