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August prices are out, and inflation is still hot

If your family's grocery bill is usually $150 a week, it's around $170 a week now.

INDIANAPOLIS — The Bureau of Labor Statistics has released its consumer price index for August.

Year over year, prices are up 8.3% on all items.

Mark Hamrick with Bankrate said inflation is more persistent than expected. 

"What we were hoping for here was to see a more substantial cooling of inflation heat. But, unfortunately, this pot is still boiling," Hamrick said. 

Price Increases, Decreases

Year over year, groceries are up 13.5%. If your family's bill is usually $150 a week, it's around $170 a week now.

While gas dipped in price from July 2022 to August 2022, it's still up 25.6% from last year. That means the $60 tank last year costs $75.36 now.

Energy utilities including electricity and gas are also up 19.8% from August 2021. For example, if your utilities combined were $200 a month a year ago, it's closer to $240.

"This is really delivering a gut punch across the economy to consumers, businesses, and ultimately, the Federal Reserve, which has the responsibility of bringing inflation down," Hamrick said. 

Now is a good time to come up with a budget for the winter, because cool months are around the corner.

As for groceries, check the store apps for coupons and try out store cash-back apps.

The apps, including Ibotta and Fetch, work like electronic rebates, though some require you to select the items you're going to purchase ahead of time, similar to coupons. 

Couponer Shannon Spence told 13News last month the savings have helped her cut her grocery spending in half, which is helping her save for a house.

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