Inflation and How It Affects Every Industry
Inflation is the rate at which the cost of goods and services rises. Inflation affects and is measured by the consumer price index (CPI), which monitors the average prices of goods and services across categories like food, vehicles, apparel, and healthcare services.
Due to inflation, your hard-earned money will buy you fewer groceries, gas, medical services, or anything else than previously. While inflation affects most industries, how much it affects them varies. After all, not all goods and services increase at the same percentage. Here’s a look at a few industries most impacted by inflation according to the CPI:
Food
Air transportation
Apparel
How to Combat Inflation
Create a budget
Cut unnecessary expenses
Reduce or pay off debt
Consult Your Financial Professional
A financial professional can help you determine a strategy to be financially secure when inflation is at an all-time high. Contact them today to help determine the ideal strategy for your unique situation and goals.
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