Families Feel Pressure as Inflation and Gas Prices Climb

As inflation continues to rise across the country, many Americans are being forced to make tough choices between gas, groceries, and other everyday expenses — with some even choosing to cook more at home to save money. We spoke with experts about what inflation could look like in the weeks ahead.

Chris Hopkins, a financial advisor, says families in Tennessee may need to adjust their spending habits as prices continue to climb.

“It has impact in Tennessee, who may have to cut back consumption elsewhere. May have to decide to put off buying that washer dryer or maybe we don’t go out to eat this week.”

A new report from the Labor Department shows producer prices jumped last month, marking one of the biggest increases in years. Experts say rising energy costs are a major reason behind the spike.

“Energy is the heart of the matter… and that translates broadly across the entire economy. If you’re booking a flight this summer, you’re already seeing airfare costs up about 20%.”

The national average for gas is now above four dollars and fifty cents a gallon, leaving many families paying more at the pump and cutting back in other areas.

“We might not think much about it when gas was around 2.15 a gallon, but when it jumps to over 4 dollars in a short time, it has a significant impact on household budgets.”