BALTIMORE — According to the Labor Department, inflation hit a 40-year record in June.
Currently, the average cost of living increased by nine percent over the past year.
"Everything is high and nobody is trying to hear you can't pay the bills, especially if you got kids," Baltimore resident Kevin D. said.
That what several people told WMAR-2 News about these hefty prices.
According to Zillow, the average rent price in Maryland for April was $1,800 a month, which is $251 more than last year.
"People out here homeless because they can't pay rent, or they're back on the streets doing things they don't want to, because they have to feed their family," said Kevin D.
"What we see right now, typically, is what we see in the winter," said Ericka Alston Buck, Chief Development Officer, Divine Light. "We are averaging seven to 12 new intakes today, so there are families in Baltimore right now being hit so hard by inflation that people are making the choice between eating, housing or keeping the lights on."
"We’re seeing the pressure of inflation really affecting families again," said Sara Johnson, co-founder & COO of CASH Campaign for Maryland. "I think it's coupled with the ongoing issues with the pandemic, but we are seeing a rise in services, a lot of questions about how to tap into savings, a lot of people looking at reorganizing their forms at work to try and have less withholding."
Small businesses are also feeling the pressure of inflation.
Tony Mack has been selling fruit throughout Fells Point for years and he’s never seen prices this high.
However, despite it all, he remains positive.
"I'm just gonna deal with it. You gotta take the bullet," Mack said. "I go to market, and keep on working. Give me a couple good days, I’ll be alright."
Experts say right now it's crucial to learn more about finances and coming up with a plan.
"You can't just always budget your way out," Johnson said. "Sometimes you have to really look at the revenue side of trying to earn more income as well. So, try to look at both sides of the balance sheet. I think that's always our advice, is try and look at where you can cut and where you can earn more."
Other saving tips include:
- Cancel unnecessary subscription services
- Automate your savings
- Set up automatic payments for bills if you make a steady paycheck
- Try to get another job to increase your earnings
- Speak with a financial expert
- Try Couponing
- set a budget