A small business owner from Knightdale tells ABC11 she feels the trickledown effect of high inflation at her family's business.
"Everything's so expensive right now," Laiza Lizzardo said while looking at empty chairs at her hair salon.
She explained not so long ago on a Wednesday, the hair salon would be packed, but now people are cutting back on their spending.
Lizzardo's mom is looking to the incoming administration to get the economy turned around and their business back on track.
"She's hoping that now it'll go up," said Lizzardo.
A new federal report shows inflation climbed last month.
Consumer prices rose 2.6% in October compared to this time last year. Energy prices increased 3.3 percent and food prices climbed a little more than two percent.
People are now preparing for Thanksgiving and then Christmas. Some are planning to cut back on holiday travel.
"I think we're going to stay home," Linda Hester said.
Others are planning to pick up shifts at work.
"Everything's a little pricey, but you just got to work a little harder," Ayana Armstrong said.
Lizzardo's will be limiting how many people she celebrates with this holiday season.
"Smaller gatherings and invite just family, no friends," she said.
The Federal Reserve will be meeting again in December and we could see another slight reduction in the interest rate.