Experts offer advice on saving as Department of Labor reports highest inflation rate in 31 years – CBS New York

EDGEWATER, NJ (CBSNewYork) – The cost of living is increasing.

The Labor Department says the consumer price index jumped 6.2% in October from a year ago. It is the highest rate of inflation in 31 years.

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“Every week that I come here, I spend more and more and more and more. The food is out of control, ”North Bergen’s Miriam Foreman told CBS2’s Vanessa Murdock.

“We expected a rapid rate of inflation, not as fast,” said Jill Schlesinger, CBS News business analyst.

“One of the main drivers of the increase during the year is the price of gasoline,” said Martin Kohli, chief regional economist for the US Bureau of Labor Statistics.

He says refilling is costing drivers about 49.5% more than last year.

“I drive a car that uses premium gasoline, so that definitely had an impact on that,” one man said.

Locally, the inflation news is a bit brighter.

“Our increase is 4.3%,” Kohli said.

Believe it or not, the cost of housing plays a big role in our low inflation rate.

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“We haven’t, however, seemed to have seen the same kind of rent increases over the year that the nation has,” Kohli said.

But meat prices have risen a lot locally – over 11%.

North Bergen resident Eddie Priest has changed his menu.

“Less steak for me. I generally enjoy a good rib eye steak. I had to sacrifice that, ”he said.

“The numbers we’ve seen for pay increases are the highest in years. This is the good news. The bad news is they’re below 6%, ”said Greg McBride, chief financial analyst for Bankrate.com.

He suggests making some changes to offset inflation.

“If you are one of the millions of homeowners who have yet to refinance their mortgage, this is step number one,” he said. “This is enrollment season for many employers, so enrolling in a flexible spending account for dependents or health care will allow you to pay those costs in 2022 with pre-tax dollars. This represents quite significant savings there. “

Kohli also offered a few tips – consider getting around by car, consider public transport, hold back buying a new or used vehicle, and hold back the meat – you’ll find more stable prices with fruits and vegetables.

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The National Economic Council is looking for ways to reduce energy costs, and the Federal Trade Commission is monitoring price increases.