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Clark Howard's Tips
Inflation about to take a toll on you
November 17, 2004
America just received the worst inflation report at the wholesale level that we've had since the late '80s.
At the retail level, as well, the inflation increase is not so good. It went up six-tenths of one percent in one month. If that was sustained, it would mean and inflation rate of about 8 percent a year. We've been used to about 2 percent a year.
So when you buy something today, your dollar doesn't go as far. Restaurants are already raising prices and energy increases will be significant.
There is pressure building in the economy, which means less money for you in your pay check. Also, variable rate debt is going to get more expensive to carry. You want to transfer your debts into fixed rate loans just in case.
In sum, this could be a total fluke. But it's clearly something that will hit us in different ways.
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