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Californians Cut Back On Spending Amid Soaring Inflation – CBS Sacramento

WEST SACRAMENTO (CBS13) – As the Federal Reserve tries to calm inflation with its latest interest rate hike, Californians are tightening their wallets.

Economists say the three-quarters of a percentage point interest rate increase is needed to cool the economy — but shoppers say they are feeling the squeeze.

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“It looks like the value of the dollar is going down,” said Daniel Pedersen before he went grocery shopping.

With inflation currently at 8.6 percent, people are adjusting their spending habits.

“I buy a lot of frozen vegetables,” Rena Lewis said. “I’m not buying them [fresh] because they’re just too expensive. I’m actually saying they can rot right there in the store.”

However, if people need a particular item, they are on the prowl for deals.

A Washington Post and George Mason University poll found nearly nine…

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