WEST PALM BEACH, Fla. — According to AAA, gas prices are dropping and the Consumer Price Index shows inflation is stabilizing. However, finance experts tell WPTV not to get too comfortable just yet.
From the grocery store to the gas pump, these past few months have been financially stressful for a lot of people.
"It's really difficult," Rejam Glasper told WPTV.
That's why Glasper, who lives in West Palm Beach, recently got a second job.
"I'm actually a data analyst but I'm also working for Lyft," he said. "I've been driving for Lyft for about a month now. It's definitely additional income that could help."
This week, President Joe Biden signed the Inflation Reduction Act, which is expected to help bring this 40-year inflation high way down.
"It's pretty bleak right now," Chuck Czajka, a financial adviser with Macro Money Concepts in Stuart, said.
Czajka said while there are signs of an inflation cool down, people aren't quite out of the woods yet.
"The gas prices have come down and people aren't driving as much, which caused the inflation rate to kind of settle down a little bit," he said. "The Fed might raise interest rates again, and that could lead to it starting to creep back up again. We're just going to have to play it safe at this point and just keep doing what you're doing in terms of how you're spending your money."
That translates over to the housing market too.
"I still think there are many, many steps until we're out of the woods," said David Hall, president and CEO of Hall Financial, a licensed mortgage lender in Florida.
Hall said rising interest rates are still affecting mortgage rates.
He warns home buyers with a tight budget to wait a little bit longer before seeking out a new home.
"I think right now is an opportunity for the housing market to settle back down a little bit, although still a great seller's market, but it may be cooling off just a touch," he said.
It's a very preliminary cool off, leaving people like Glasper still cutting costs where they can.
"For the moment, I've been just kind of filling up my tank halfway," he said. "As of right now, $15 will do it for me."
