More is usually better, except when it comes to inflation. Prices are surging as we head into the holiday season. That means you can expect to pay more for a lot of things from airfare and hotels to rent, food and gas. And it’s probably not going away anytime soon.
Inflation 一 known as the rise in cost of everyday items 一 jumped 6.2% in October, the fastest surge in 31 years.
Which means the money you have gets you less 一 so your morning cup of coffee that used to cost $3 might cost you closer to $3.20. That can add up across your budget.
Inflation happens for a few reasons. Labor shortages, increased demand and supply chain constraints are making it harder for items to go from point A to point B. Like a bottleneck.
So what’s the skimm? For now, prices are up, and your wallet might feel lighter. Experts say 'expect more of the same for a while.' So make sure your budget is ready.
Skimm'd by Medha Imam, Becca Litt, and Beth Wexler
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