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Inflation highest in 30 years: Here's when prices should drop back down

Inflation is up 6.2% over last year. Experts say the spike will go back down, but not for a while.

GREENSBORO, N.C. — The Bureau of Labor Statistics reported consumer prices jumped 6.2% in October compared to last year. That's the highest increase since Pretty Woman was released, George H.W. Bush was president, and Seinfeld debuted in 1990.

How long will high prices last?

Most experts say you won't have sticker shock forever. Prices will eventually go back down, but it's going to take a while.

"This is well into next year," said CBS News Business Analyst Jill Schlesinger. "When you talk with economists, there are a lot of factors behind this. But things should start to ease up maybe as early as the end of first quarter (end of March, beginning of April), probably not until the middle of next year. So we're talking a good six to nine months before we see any price pressure ease."

Why are prices higher now?

"There are so many reasons. Let's go to the demand side," Schlesinger said. "We have been out of the economy for almost 20 months, and there was a lot of pent-up economy for what we wanted."

Believe it or not, Americans have excess savings after the pandemic because most people haven't been buying as much stuff. Schlesinger says there's more than $2 trillion sitting in bank accounts waiting to be spent.

"So there's money that's available and you really want to spend. So that's the demand side," she said.

Then there's the supply side. The supply chain has been crippled in some sectors because of issues relating to the pandemic. For example, take the oil and gas industry. Issues there caused gas prices to be at a 7-year-high in Greensboro:

How can you save money?

Energy prices will really make you do a double-take. They've gone up 30 percent. So Dig In 2 It went looking for ways to save you money on energy costs.

Heating bill

We talked with Jeff Brooks from Duke Energy about how to cut your bills. Among other great advice, he says be careful using space heaters. They can actually end up costing you more.

RELATED: Here's why your heating bill could be 50% higher this winter

Gas prices

Gas prices are at a 7 year high. And there's an app for that. With the free app GetUpside you can get up to 25 cents per gallon back. The app works much like a cash-back option on a credit card. 

Once you've downloaded the app, you can pull up a map of gas stations in your area. Then, it shows you secret prices and how much you're saving per gallon.

You have to claim the offer on the app before you make a purchase. So be sure to press that button claim button, then gas up. 

Take a picture of the receipt through the app and upload it. The money you saved will be in an account in the app within 24-48 hours. When it comes to cashing out, you can do that at any time. You have a few options. You can opt for a digital gift card, have the money sent through Paypal, or have a check sent to your home.

Groceries

Money expert Ja'Net Adams said people are feeling the price spike at grocery stores. She said her family gave up bacon because it got too expensive.

She said the best way to save is avoid the impulse buys.

RELATED: 3 proven tips for saving gas amid rising prices

Here's one other tip from the savings company ING Direct. When you close your gas tank, make sure it clicks three times. ING reports that 147 million gallons of gas vaporize every year because of improperly sealed caps. 

For more consumer news, like WFMY News 2's Ben Briscoe on Facebook.