The high price of gasoline and other goods is interrupting the dreams of a lot of Americans this summer.
Masterson uses an online budget tool, so she's been acutely aware of rising prices this year. She says the high cost of groceries and other bills has quickly gobbled up the pay raise her husband received from his new job as a technical writer last year.
"At $3.50 a gallon, I can handle it," Chambliss says."But when it shot up to almost $5 a gallon, that raise that I received was completely wiped out." Gasoline prices have dropped sharply since hitting a record high last month. AAA says the average price for regular gasoline on Wednesday was $4.63 a gallon, down about 38 cents from the peak price in June.But"core" inflation, which excludes volatile energy and food prices, is also elevated — driven in part by the high cost of new and used cars, medical care, and rent. Core inflation accelerated in June, with prices up 0.7% from May. Annual core inflation was 5.
While most of that government assistance has now dried up, many people are still sitting on thousands of dollars in extra savings that can help them maintain living standards in the face of higher prices.
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