Want to keep your money? Do this quick before the feds hike rates again

Inflation is higher than expected according to the latest data released by the Bureau of Labor Statistics.

It's at 8.3% for August, meaning things overall cost 8.3% more this August compared to the same month in 2021.

For July it was 8.5% and it was 9.1% in June.

It took a slight dip from last month – but is still way above where the country wants it.

Rent, medical services and new vehicle costs are all up.

New numbers from the federal government show food prices have increased over the last 12 months.

Food prices have risen by 11.4% since last year.

The last time prices increased that much was in 1979, when Sony was celebrating the launch of its newest device: The walkman.

The cost of food is impacting not only the price you see on the shelves, but the cost of food at restaurants.

"Chicken is one of the biggest things that we sell, and it's [price has] more than doubled," says Jason Smith, owner of Cantina18.

Back in 2019, a jug of oil back cost Smith $19. Now it’s $51.

"Where's all the oil? It's in the chips," says Smith.

The chips are still free, and Smith intends to keep it that way.

"We are not going to charge for the chips. If you charge for the chips, we turn it from a neighborhood restaurant into a fine dining restaurant," he says. "We are a neighborhood restaurant at heart."

He says it's all a balancing act: They increase prices slightly to deal with increased costs, but they don’t want to drive people away -- especially considering restaurants are finally regaining a sense of normalcy after two years of shutdowns and false starts due to the pandemic.

Of course, consumers are noticing the increased costs of eating at restaurants and adjusting their own budgets accordingly.

As a means to offset inflation, the federal reserve has been increasing interest rates, thinking the more expensive it is to borrow money, the less people will spend. The federal reserve is expected to raise interest rates again in about a week.

5 on Your Side's Keely Arthur advises slowing your spending and getting rid of your credit debt if possible, since most of that is at variable rate -- so when the federal reserve increases interest rates, your credit card bill is going to go up.

Fortunately, inflation is not raging at the white hot pace seen earlier in the year, and the cost for flights, used cars, appliances and gas all dropped.