The Consumer Price Index shows Americans paid more for food and gas in February, and consumer prices are going up at the fastest pace in nearly two years.
The report shows gas prices jumped 4.7% in February. According to Syracusegasprices.com, the average price in Syracuse today is $3.67 per gallon compared to the average price at this time last year of $2.93.
Food costs increased .6% in February, according to the CPI. That's the largest increase since September 2008. It shows food costs rose for almost all major grocery store groups, including meat and eggs, dairy and fruits, and vegetables. Compared to this time last year, the CPI shows the price for food at home went up 2.8%, and the price of food away from home has risen 1.6% over the past 12 months.
Clothing prices have also gone up, according to the CPI. In the past 12 months, apparel has increased 2.8%. Also, as the price of cotton continues to rise, clothing prices are expected to increase even more in the next 12 months.
We spoke with a mother of four from North Syracuse, who gave us some advice on how to save. Andrea McCarthy says it's important to save coupons until those items go on sale. Then, you can save even more money. She also says stock up on items that won't go bad, and look at entertainment books for extra deals. She started her own website to share these tips and others. To access her site, click here.
To save money on clothing, more and more people are shopping at discount stores. Clothes Mentor, on Erie Blvd. in DeWitt, opened last fall. The store offers brand names at prices that are 70% less than the retail price. Even though the store has only been open a few months, it's already seeing a lot of business.
"We are busy and keep getting busier every day," says store manager Gina Brown. "I think that as prices go up, people will become more interested in what we're doing here."
Shoppers say because they're seeing so many prices go up, every little bit they can save helps.
