This year might be tough for a lot of Americans according to the Treasury Secretary

Over the last 12 months, consumer prices have increased faster than any other point in the last 40 years. February’s consumer price index showed an 8% jump, representing the largest annual increase since1982. Consumers are feeling the squeeze when buying food, gas, cars, and homes. These increasingly higher prices have ushered in a new era of financial hardship for everyday Americans. The Treasury Secretary was previously expecting inflation to slow at the end of 2022 but is now saying that

“We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high,” — Janet Yellen

Interestingly, Biden claimed that Vladimir Putin caused inflation, but actually, Americans were feeling the squeeze in January, months prior to Russia’s invasion of Ukraine. The unprecedented money printing and supply chain issues associated with the pandemic have all significantly contributed to the inflation that Americans are currently experiencing. Unfortunately, the numbers will likely get worse. The newly released February consumer price index (CPI) does not factor in the soaring gas prices caused by sanctions on Russia, and the impact that these gas prices will have on all other consumer goods. Given this trajectory, March CPI data might set another record 40-year high.

Protect Your Money*

Review Your Budget: Since inflation, results in rising prices of everyday goods, it may be worth reviewing your monthly budget and determining which discretionary categories you might need to cut to make room for essentials at inflated prices.

Get Help If Necessary: Many Americans will be in survival mode, just trying to keep their heads above water given rising prices. For those in this scenario here are some resources to help pay for the rising heating costs and other forms of public assistance.

Consider Hedging: For those who are not in survival mode, but have wealth they want to protect, here are 5 assets that can serve as a strong hedge.

Expert Recommendations: Since I’m not a financial expert, here are 8 recommendations from actual experts about where to store and grow your money during times of high inflation.

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*Note: I’m not a financial advisor, I write for educational/entertainment purposes only. Nothing in this or any of my other articles constitutes financial or legal advice. This article was previously published on www.g-wallace.medium.com