BATON ROUGE, La. (WAFB) — U.S. stocks plunged on Monday as investors grew increasingly nervous about inflation.
Experts fear a recession is on the way as Baton Rouge-area residents change the way they live their daily lives and spend their money, whether it’s groceries, work, or in anticipation of the summer.
You hear it all the time from people in Washington DC
“In my state, the price of gas is so high that it would be cheaper to buy cocaine and run around,” said US Senator John Kennedy (R), Louisiana.
“We’re not the only country dealing with what we’re seeing right now with inflation. You know, Putin, Putin’s price hike, inflation resulting from a once-in-a-generation global pandemic, all of those things play a part,” said White House press secretary Karine Jean-Pierre.
Inflation and high gas prices affect just about everyone.
“Everyone is just looking at their money right now,” said Watson resident Dale Prevost.
“But it makes me a lot more conservative in my spending and in things that I may have splurged on without really thinking about it,” said Baton Rouge resident Claudia Lewis.
“You know, we really pay a lot more attention to price at the store,” Center resident Mary Ehrhardt said.
Three locals shared how they’re dealing with rising costs and the big changes they’ve made, starting with groceries.
“Now I go with a budget in my mind, that’s how much money you have to spend, and that’s what you have to stick to,” Lewis said.
“My food budget is crazy; it increased by $100 to $150 a week. So it’s getting harder and harder to buy the same thing I bought a year or two years ago,” Prevost said.
“Things like at the grocery store, buying the store brand as opposed to the name brand and cutting back on all the extras that we used to get,” Ehrhardt said.
According to government data, inflation in the United States jumped to 8.6% in May, a 41-year high, the biggest increase since 1981.
As for gasoline prices, according to AAA, as of Monday, June 13, the national average for a gallon of gasoline is over $5 while in Louisiana it’s around $4.55.
Asked if this impacts summer travel plans, Ehrhardt said, “We’ll definitely stay closer to Louisiana and not go out of state.”
“I decided we weren’t going to do this vacation this summer because I don’t really know how to plan or budget,” Lewis said.
“It’s just not in the cards right now, the money is better spent elsewhere,” Prevost said.
OneMain Financial offers 5 budget tips to deal with this record inflation:
- Cut unnecessary expenses.
- Look for cheaper substitutes.
- Buy in bulk.
- Keep control over debt repayment.
- Use less energy if you can.
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