Consumer prices shoot up at second fastest pace in 26 years

Inflation is up this year and most of it is due to rising fuel costs. Americans are hurting when they goto fill up the tank in there car and when they go shopping. Check out this article I read from Clark Howard’s website about purchasing private label products:

Procter & Gamble raising prices by 16%

If you’ve looked at the prices of diapers and formula lately, you’re apt to start crying like a baby. Many manufacturers have been passing costs on to consumers for the past few months. Now comes word that Procter & Gamble is bumping up prices by as much as 16% on brands like Tide, Ivory, Gillette shaving cream, etc.

That means there’s never been a better time to try off-brands or store brands; in many cases, the quality of the product is just as good. For example, there’s little difference between cheap and costly shampoos.

In his TV work, Clark once interviewed a professor who chemically analyzed different shampoos and confirmed their sameness. Conditioner, however, is a different story. So if you must blow money, buy a cheap shampoo and splurge on a nice conditioner.

But Clark’s message stands: Ignoring store brands is risky for your wallet. You could save between 30% and 60% by going the generic route.

I have to admit that I do buy private labeled products from Wal-Mart (Great Value Brand) and Costco’s(Kirkland Signature). The prices are significantly cheaper than name brand items. What I also like to do is buy in bulk from Costco’s because you don’t have to shop as much then and over time you are actually saving money.

You should try to visit his website, he has great information and you can also listen to him over the web from 1-4 EST Mon-Fri. www.clarkhoward.com

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