SEATTLE — The next inflation update is scheduled for release on the morning of Sept. 13. It will offer the rate of inflation over the 12 months that ended August 2022.
According to U.S. Labor Department data published Aug. 10, the annual inflation rate for the United States is 8.5% for the 12 months ended July 2022 after rising 9.1% previously, the most since 1981.
With the cost of essentials like groceries and gas up due to inflation, the Better Business Bureau of Washington (BBB) said this is causing families to choose what expenses they can cover.
With the "back to school" season quickly approaching, the BBB is recommending families revisit their budget and make sure they are doing all they can to pay for essentials while inflation remains high.
“People at home should be taking a step back and looking at their 2021 bank and credit card statements. compare these to the first half of 2022," said BBB of Washington PR & Communications Manager Logan Hickle. "What trends are you seeing and how can you make some small adjustments to bring that back into control?”
Other tips to consider during this time is whether you should make a big purchase such as buying a car.
"There is a caveat there though if you leased that car many years ago, you've locked in that contract, meaning most likely a lower price many years ago and actually may be worth more," Hickle said. "You may want to dig into that, see if you should purchase that car.”
Consumers have noticed the higher prices for meat and fish at grocery stores, which has sparked another temporary step families can take.
“Now might be the time to cut back on some meat and try out a little bit heavier a vegetarian diet," Hickle said.
More budget recommendations from the BBB of Washington:
- Calculate your income
- Track your spending
- Categorize your spending
- Set up a budget
- Choose a budgeting system
- Pay down debt
- Pay bills on time
- Contribute to your retirement
- Save for the big things
- Build an emergency fund
For a full list of tips and tools from the BBB of Washington and links to budget and debt resources, click here.