, Columnist
How Worried Should I Be About Soaring Inflation?
Don’t panic, but do think about how to adjust your budget for higher prices and potentially higher interest rates.
These prices!
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A couple of weeks ago, I tried to order a chai latte at one of my favorite Upper West Side coffee shops. “Oh no, we ran out of our chai yesterday ... you know, supply-chain issues,” the barista told me.
Supply-chain problems became the almighty boogeyman in 2021 alongside Covid, and now its partner in crime, inflation, is the thing causing anxiety. The Consumer Price Index rose to 7% in December 2021, which is the highest it’s been since the early ’80s. But should the typical consumer be worried about inflation? Although it’s not worth panicking, it is wise to understand how your budget might change.