New inflation data was released that reported a CPI increase of 8.6%, marking a 4-decade high. According to the WSJ, prices for energy jumped 34.6% from a year earlier and groceries increased 11.9% on the year. This rise was largely attributed to rising energy and food prices, which we have been tracking for a few months now. So are you feeling the impacts of inflation and rising prices? We certainly are. Have you altered your spending and summer plans? Restaurants have even begun adding additional fees on the bottom of bills for a “non-cash adjustment,” “fuel surcharge,” or “kitchen appreciation”. Have you noticed this?
As you can see from the tweets above, CPI numbers are skyrocketing. We will continue to watch inflation data and its impact on the economy and markets. If you are feeling the impacts of rising prices, now might be a good time to revisit your budget and financial plan as a whole. If you have any questions for us, email at info@shermanawealth.com or schedule a complimentary intro call here.
