The cost of everyday items continues to stretch many people’s budgets, even as financial experts note that inflation is cooling off. When individuals feel a pinch in their wallets, non-essentials, such as vacations, often are on the chopping block. But they may not have to be.
After remaining below 3 percent for a long time, the U.S. Consumer Price Index began to rise in 2021, ultimately reaching 9.1 percent in June 2022 (it has since fallen to more manageable levels, hitting 3.5 percent as of March 2024), according to Forbes. Although inflation may be “deflating,” typically once the costs of goods and services rise, they are more likely to remain that way. It still may be a few years before consumers grow accustomed to these prices.
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