ATLANTA (FOX 5 Atlanta) - Last month, inflation took a big jump. Government numbers show gas and food costs fueled that rise. These are two things we must spend money on. So, let's see where you can see savings, starting with insulin.
More than 7 million Americans take insulin. And we've watched the cost really go up over the last decade. It's a big problem as many diabetics admit they stretch their supply out - scrimping or skipping on doses - just to make it the next payday.
Well, the FDA wants to push prices back down. The government agency wants to "promote competition" by giving approval for "biosimilar" products to be "interchangeable." This will require a regulation change, but the FDA is moving in that direction. That's good news. We'll keep ya updated.
Here's more good money news as we watch inflation go up. Bank of America over the next two years will raise its minimum wage to $20 an hour. The banking giant just two years ago raised its minimum wage to $15 for some of its employees. And, there's more, Bank of America will freeze healthcare costs for its lower-earning employees.
And finally, some better news for first-time homebuyers. I've told you for a year that home prices, while still high, have been stabilizing. But, this has never quite applied to entry-level homes. It does now. Finally. Yes, this was the last segment of the housing market to react. Although, low inventory is still a problem, but the rapid rise in their value has leveled-off a bit.
This may just allow some millennials who have saved the right way to finally get into a good starter home. So while inflation inches up, know that some breaks are on the horizon.