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How much will current inflation hurt your wallet?

Inflation on the rise.
Posted at 6:25 PM, Aug 11, 2021
and last updated 2021-08-11 21:25:46-04

BAKERSFIELD, Calif. (KERO) — High prices jump-started by the pandemic are not going away any time soon as inflation continued to surge in July.

The Bureau of Labor Statistics released the latest consumer price inflation data Wednesday. Consumer prices rose 5.4 percent from a year earlier. Even if you take out the costs of items like food and energy prices were still up more than four percent.

Used car and truck prices, which rose rapidly between April and June, gained just .2 percent in July after a climb of more than 10-percent in the prior month.

With the new report on inflation indicating that prices are rising on almost everything how concerned should the average consumer be and how much will this hurt your wallet?

23ABC spoke with local financial advisor Dave Anderson from Moneywise for a deeper dive into the report and he says there shouldn't be too much concern. This inflation won't last.

23ABC Interview: Dave Anderson, Moneywise