How Inflation Is Changing People’s Behavior
According to a New Report, Americans Are Buying Cheaper Cuts of Meat, Canceling Subscriptions, and Taking Vacation Days to Save Money on Gas in the Face of Rising Prices
In the face of skyrocketing prices, US consumers are getting creative to stay afloat.
In an interview with The New York Times, five people described how they’re avoiding pricey meats and keeping an eye on their gas tank, as well as bargain-hunting and canceling subscriptions, to save money.
California-based publicist Judd Stark recently took a week of vacation days in order to save money on gas, which has been as high as $7 per gallon at nearby stations, Stark tells the New York Times. CNET reported earlier this month that gas prices in Mendocino, California, had risen to $9.60 per gallon.
Another family told the newspaper that they had to cut back on their vacation plans because of the high cost of travel. The New York Times that reports that a mobile physical therapist named Mai Fee has begun scheduling appointments based on location in an effort to reduce the amount of time spent driving.
The national average price of gasoline has fallen slightly in recent weeks, but AAA reports that it remains near a record high of $4.85 per gallon nationwide. “As long as it takes” for Russia’s invasion of Ukraine to be thwarted, President Joe Biden said Thursday, the US will face high fuel prices.
According to multiple shoppers who spoke to The New York Times, they’ve cut back on their fuel use, and they’ve also stopped paying for entertainment services like Spotify and Audible.
Lisa Napp, a retired North Carolina public school administrator, told The Times that she’s reduced her meat consumption by purchasing cheaper cuts and growing her own vegetables to offset her grocery bill.
Jeremy Walker, Stark’s husband, told The New York Times that the couple hunts for meat that is nearing its expiration date in order to save money. According to the US Bureau of Labor Statistics, the price of meat has increased by more than 20% over the past year.
Moreover, the recent surge in prices appears to be slowing. Inflation accelerated last month to its highest level in 41 years. Fed Chair Jerome Powell warned on Wednesday that the “clock is running” on efforts to stop inflation before it becomes permanent.