How to stretch your money when things cost more

Inflation hit a new high last month of over nine percent.

Grocery bills are 12 percent higher than a year ago. Gas prices dropped a bit last month, but Minnesotans are still paying about $4.50 per gallon, about $1.50 more per gallon than last summer. New car prices are also up 11 percent over 2021.

The Federal Reserve has stepped in to slow inflation by raising interest rates, but some experts worry that may lead to higher unemployment and a recession.

MPR News host Angela Davis spoke with three financial experts about the uncertain economy and how to stretch your dollars so you can be ready for what may come next.

Guests:

• Henry Rucker is the financial coaching and homeownership manager at Project for Pride in Living in Minneapolis, which helps people with lower incomes prepare for better paying jobs and qualify to buy a home.

• Chris Farrell is senior economics contributor at Minnesota Public Radio and APM’s Marketplace. He's also co-host of the podcast, small change: Money Stories from the Neighborhood.

• Ross Levin is founding principal and president of Accredited Investors Inc. in Edina, a wealth management firm. He also writes the monthly “Gains and Losses” column for the Star Tribune.