BUFFALO, N.Y. — High rates of inflation have people pinching their pennies at the grocery store.

What You Need To Know

  • National inflation rates hit 7% in December

  • Economists say it is time to set a budget for your household

  • They said this spike in prices is temporary, and it mirrors pandemic spikes

According to the U.S. Bureau of Labor and Statistics, the nation recorded a 7% increase in inflation in Dec. 2021.

Economists say this is technically where in line with the cost that goods would be if it were not for the COVID-19 pandemic, but due to unprecedented times, the jump appeared greater when compared to its mid-pandemic starting point.

Dr. Fred Floss, a SUNY Buffalo economy professor, said this is temporary.

“We want to be very, very careful to not be over afraid because we see everything on television and take a deep breath and say, ‘we’re all gonna get through this,’” said Floss.

He said now is the time to live by a budget, and prioritize expenses starting with rent and mortgage.

“You need to sit down and plan and start to think about what’s going to happen,” said Floss.

He also says do not rely on credit cards. If trends in the pandemic continue and the current surge dissipates by spring, he said that is when we can also expect to see inflation level off as well.