Quick Tip: Inflation impact on Chicago

CHICAGO (WLS) -- Here's a quick inflation tip.

The consumer group WalletHub says a recent study shows that Chicago ranks sixth for "inflation impact," among major U.S. cities and in recent months it came in at number one.

The cost of everyday essentials climbing faster here than most major cities.

Experts say the biggest challenges are housing, food prices, and transportation costs.

You should lock in fixed costs. If you're renting, ask about lease renewal options before prices rise. For groceries and gas, consider warehouse clubs or subscription-based savings programs.

Be cautious with major purchases. Rising interest rates mean financing a home or car is more expensive. Shop around and compare lenders for the best rates.

Also, boost your income. Now may be the time to negotiate a raise or explore side income opportunities.

To read WalletHub's full report, click here.