Financial Empowerment Program
Inflation Impact
by Jenny Sanford, AFC®, Financial Empowerment Program Manager
We’ve all experienced the impact of inflation over the past few months with rising prices at the grocery store.
Inflation is the increase in prices and a fall in purchasing power. It can happen incrementally, or rapidly, in response to instability in the world or local market. In recent months, inflation has hit a 40-year high. The US Labor Department states that it increased by 8.8% in March 2022. Neighbors is here to help people who are financially stressed due to inflation.
One way Neighbors helps offset the sting of inflation is through our Hunger Relief Program. Our Food Shelf participants receive about a weeks’ worth of food and personal items each month. According to the USDA’s Thrifty Food Plan, in February 2022, a family of four spent an estimated $205 a week on food. Visiting the food shelf allows families to spend money on additional basic need items and save money for emergencies.
In addition to our Hunger Relief Program, our Resiliency Program can help people save money on essential items like clothing and household items. Our Clothes Closet Thrift Store carries quality new and gently used merchandise. Prices are extremely affordable, and Gift Cards are available for clients with limited means.
Neighbors also provides free financial counseling services through our Financial Empowerment Program. Participants set their own financial goals while highly trained counselors support them with information, skill-building, and access to helpful tools to boost financial wellbeing.
During this period of heightened inflation, we are here to support our community. If you or someone you know is having a hard time making ends meet please reach out by calling 651-455-5000 or email us at: financialempowerment@neighborsmn.org.