SPRINGFIELD, Mass. (WWLP) – Inflation is at 40 year high, and while wages have gone up, they’re still not on pace with soaring prices.

One Springfield resident, Arthur Pressley told 22News, “Well I’m just hanging on there and I live on a fixed income, and I’m just trying to make ends meet; that’s it. Everywhere I go everything is going up high.”

Consumer prices surged 7 percent in December, the biggest annual increase since 1982. The cost of bacon is up more than 18 percent from last year.

Other staples like chicken and eggs are up by more than 10 percent. Our grocery bill can easily bust our budget.

“Anybody that goes to a grocery store will see the difference in prices of meat everywhere, prices are going up. There’s different meats that are missing or different products that people need that you can’t find,” added Holyoke resident, Joh Brunelle.

Another problem many stores are having a tough time keeping their shelves stocked with the large variety of items we’ve become accustomed to. Analysts blame in part the pandemic and the high cost of transportation.

With prices steadily rising because of inflation people are trying to stretch their dollars to make ends meet by finding cost effective ways to save money.

Chicopee resident, Christina Dunn stated, “I’ve resorted to couponing a lot, using the gas points at Stop and Shop, Big Y, any kind of savings that I can get acquire at the time. You really have to think about what’s important.”

With wages not rising as quickly as inflation, you’re best bet right now, follow Christina’s advice. Make every penny count.