REVERE, MASS. (WHDH) - Consumers across the country are bracing for impact as economic experts issue warnings of a recession.
Economists at Bloomberg are forecasting a 100% chance the US economy dips into a recession within a year.
“Ground beef and stuff has gone up too,” Adel Ouansa said. “So I’ve eat basically less, how I used to, like less burgers and I eat more frozen food now.”
“I’m praying to God,” Yvette Ciampa said, “because I feel like we’re in a recession. I’ve never hurt this much in my life.”
Energy prices are high. The retail price of a gallon of home heating oil in Massachusetts is now $5.30, up 65% from $3.22 last year.
Eversource said natural gas has also increased 33% in a year.
“I heat with both,” Ciampa said. “Oil, electric, gas. And everything has gone up astronomical. Food, you just can’t catch a break.”
Shopping experts have some ideas to help consumers feeling the pinch.
“It’s super frustrating for consumers because you can’t change what’s on the pricetag,” Kristin McGrath, a spokesperson for RetailMeNot, said. “There are some ways that you can save more.”
McGrath said shoppers can find weekly deals, and some retailers even offer gift cards with purchase.
“Sometimes you just got to go old-school. Pick up that weekly ad at the entrance. And then if you spend a certain amount, you get a gift card to use on your next shopping trip. So that’s great.”
Consumers can also save by buying in bulk. Angela DiGregorio, another concerned shopper, is doing just that.
“I stick to Market Basket, BJ’s and Costco,” DiGregorio said. “Buying in bulk is a little bit cheaper sometimes than buying individually.”
Eversource and National Grid provide resources on their home energy bills, both for energy assessment programs as well as government assistance programs for those who qualify.
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