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Record High Inflation Driving Increase Of Everyday Goods, From Groceries To Gasoline

STUDIO CITY (CBSLA) - With inflation jumping 7% in the last month, the highest it's been in nearly four decades, everything from gasoline to groceries is costing more these days.

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"A lot of folks say, 'Hey, inflation is bad for consumers.' Well, this time around it's consumers that are driving inflation. It's the excessive demand that is putting such a stress on the supply chain that prices are going up relatively quickly,' said Chris Thornberg, an economist with Beacon Economics.

A government report shows beef prices are up 18%. The cost of eggs have jumped by 11%.

Food is not the only thing going up in price. Gas prices have skyrocketed by almost 50% in the last year. Items like used cars and furniture are also seeing price hikes.

With the price of so many products going up, many people are wondering what the outlook is for the future, and Thornberg is predicting that prices will continue to remain at higher rates in the coming months.

"The reality is the federal reserve is expanding the money supply in a way we've never seen before in the middle of the United States, and when you have lots of demand and lots of money, that is a recipe for inflation," Thornberg said.

There are ways, though, that consumers can save money, according to Joanie Demer, cofounder of the Krazy Coupon Lady website, which also has an app providing tips and tricks to help consumers save money.

"If Target or Walmart is one of those stores you shop every week, make sure you have their app and are logged in, so that you can add the coupons. Usually, entering your phone number at checkout, that's how you redeem them now. It's the same if you are shopping at Vons or Ralphs or anything else," she said.

Demer also recommends to download the Ibotta App. That will save you money after your purchase. Additionally, shopping around for sales at drug stores for non-food items, she said, is another great way to save tons of money.

"While I can't give you a top that's going to save you 80% on meat or dairy, I can save you 80% on those non-food items. So, it's important to play the game if you need to get those things cheaply because that's really what's going to drive your overall budget," Demer said.

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