As we are all feeling the stress of seeing prices rise on everything from fuel to shampoo, it’s no surprise that inflation rates, which are meant to stay at 2% or less, are currently at 6.8% as of 2021. This is actually the biggest leap that our country has experienced in over three decades. Compared to 2021, the cost of healthcare has increased by 6%, used cars by 29.7%, food by 8.3%, and clothing by 5.6%. Inflation is kicking us hard and it’s vital that we understand what to expect and what we can do.
Some of the results of ongoing inflation are a decreased unemployment rate and higher wages, but also a higher cost of living and higher interest rates.
In order to combat inflation on a personal level, some of the things individuals can do are to invest in real estate, which offers a high ROI, invest in stocks, consider commodities such as food and industrial metals, and continue education for a higher earning potential.
Infographic by: expensivity