Tis the season to spend money, but this holiday season is probably costing you more than you thought.
The next time you’re out and about, you’ll notice prices spiked. It’s everywhere you go: gas stations, grocery stores, and retailers.
Experts say that’s because inflation is at more than a decade-long high. This means this year’s Christmas will cost you more than last year’s. Experts say prices are up 6.8% from a year ago. That’s the highest jump in 40 years. Toys, clothes, and sporting goods also are costing more this season.
But that’s not holding shoppers back.
“Every year Christmas time is a hard time of year. I feel it every time, but especially this year, I feel like everything’s jumped up. Seems like almost $5 from where it used to be on prior years.”Bobby Crises, shopper
“It’s like everything nowadays is too much money. Everyone’s out here trying to get Christmas for their kids, but it’s just too expensive. The prices have gone up so much. It’s crazy.”Chad Murkel, shopper
“There are a couple items that we used to get last year for like $2, $3 cheaper.”Lisa Gutshall, shopper
Experts say inflation is also impacting online shopping with a 3.5% jump verses a year ago. Experts say that’s the highest inflation rate ever recorded.