WEST PALM BEACH, Fla. — According to the AAA, gas prices are falling and the consumer price index shows that inflation is stabilizing. However, financial experts tell WPTV not to get too comfortable just yet.
From the grocery store to the gas pump, these past few months have been financially stressful for many people.
“It’s really hard,” Rejam Glasper told WPTV.
That’s why Glasper, who lives in West Palm Beach, recently got a second job.
“I’m actually a data analyst, but I’m also working for Lyft,” he said. “I’ve been driving for Lyft for about a month now. It’s definitely extra income that could help.”
This week, President Joe Biden signed the Inflation Reduction Act, which is expected to help reduce this 40-year inflation.
“It’s pretty bleak right now,” said Chuck Czajka, a financial adviser at Macro Money Concepts in Stuart.
Czajka said that while there are signs of a cooling of inflation, people are not completely out of the woods yet.
“Gas prices have come down and people aren’t driving as much, which has caused the inflation rate to settle down a little bit,” he said. “The Fed could raise interest rates again, and that could cause it to start going up again. We’re just going to have to play it safe at this point and keep doing what you’re doing in terms of the way you’re doing- ho. you spend your money.”
This also translates into the housing market.
“I still think there are many, many steps until we’re out of the woods,” said David Hall, a Palm Beach Gardens mortgage lender.
Hall said rising interest rates are still affecting mortgage rates.
He warns homebuyers on a tight budget to wait a little longer before looking for a new home.
“I think right now it’s an opportunity for the housing market to settle down a little bit, although it’s still a big seller’s market, but it may be cooling off just a touch,” he said.
It’s a very preliminary cooling, leaving people like Glasper still cutting costs where they can.
“For now, I’ve only been filling my tank halfway,” he said. “From now on, $15 will do it for me.”