As consumer confidence continues to drop, news about the rising prices of goods was not good. Dow Chemical announced a 25% increase in their prices, and that's bad news for consumers because their stuff goes into so many things we buy each day.
I can't stress enough the need for consumers to be conservative in their spending. Cutting corners isn't really fun (unless your family makes a game out of it, which isn't a bad idea) but it's something that's responsible. We don't know where prices of gas, groceries, and household necessities are going to go, but the chances that they're going to keep rising for the near future are good. That's why it makes sense to save as much as you can now in order to give yourself some funds to fall back on in the coming months.
Take a look at what's being said about the price increases coming down the pike:
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
Consumers should prepare for more price increases