TAMPA -- Holiday shoppers are making leaner budgets this year, according to one expert.
University of South Florida economics professor Michael Snipes PhD says that although last month's numbers showed the inflation rate going down slightly, it's still enough to make consumers wary. Snipes says inflation has been running at an annual rate of 9 percent in the Tampa Bay area. It's down to around 8 percent, but that doesn't mean lower prices, just a slower rate of increase.
Snipes says toy prices are up around 15 percent, and so is the cost of travel. He adds that food and energy costs are two of the biggest drivers of inflation, and traveling to see family members can push prices up during the holiday season.
The professor thinks one way to save money is to use parties and gatherings instead of heavy gift-giving.
Listen to an interview with Dr. Snipes below:
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