The pandemic has delivered another unwelcome threat to our lives — inflation.Consumer prices are rising, and if you’re living paycheck to paycheck, this means you have a harder time paying for food, gas and other items.

Inflation hit its largest annual increase in 30 years in October, with consumer prices up 6.2 percent compared with a year ago, according to the Bureau of Labor Statistics. Data released Wednesday showed that prices rose 0.9 percent in October compared with September.

“Inflation has been a surprising and unwelcome guest seeming to persist at an elevated level at a time when we’re all hoping to put the devastating economic impacts of the pandemic behind,” said Mark Hamrick, senior economic analyst for Bankrate. “Like the pandemic-caused downturn itself, it exacerbates wealth and income inequality. The wealthy can adjust. Those on lower incomes, not so much. It is as if some people just can’t catch a much-needed break.

Prices are way up compared with what we were used to pre-pandemic. But this isn’t a fun ride. Here’s how to handle a rise in consumer prices.

What changes should I make to my budget to beat inflation?

This is a time when you should review how you spend your paycheck. Even if you’ve cut until it hurts, look for additional trims.

Obvious places to cut are eating out or streaming services. When was the last time you looked at your mobile plan?

Use apps and the Internet to find lower prices where they are available, including for gasoline.

“When prices aren’t changing all that much, people may be inclined to invest less of their time shopping, thinking that it might not make all that much of a difference,” Hamrick said. “Think of shopping right now as investing time to find better deals.”

Supply-chain disruptions may continue to push consumer prices up, so you might want to get an early start on your holiday shopping, Hamrick said.

Hamrick makes this great point: Is this a year when something more personal, such as baked goods or a customized photo album, could be substituted at a lower price?

Put off unnecessary purchases until supply issues are resolved and prices go down.

“Whether it’s an updated iPhone or another piece of clothing to mostly hang in the closet, most Americans simply consume more than they need to,” Hamrick said.

Is there anything I can do to reduce my food costs?

In an inflationary environment, substitutions can be your financial friend.

The BLS noted “broad-based” higher prices for energy, shelter, food, used cars and trucks and new vehicles among the larger contributors to higher prices in October.

Food prices have largely been rising because of weather-related shortages, transportation issues and lack of staffing. Meat and fish prices are going up faster than vegetable prices, so take that into consideration in your at-home meal planning.

Hamrick said he went shopping recently to make crab cakes for his son, visiting from Los Angeles. A 50 percent price hike for crabmeat changed the menu.

“I bought chicken thighs and cooked them at a fraction of the price,” Hamrick said. “Now’s the time to try to spend time when possible preparing meals at home, using lower-cost items as much as possible.”

Should I change how I invest for retirement?

Inflation doesn’t really change what you should have been doing all along, which is diversifying, said Carolyn McClanahan, a certified financial planner who founded the fee-only Life Planning Partners, based in Jacksonville, Fla.

“Through thick and thin, the best way to prepare for any economic environment is to have a diversified portfolio,” McClanahan said. “If you aren’t already practicing diversification, now is the time to make that change.”

If you’re an ultraconservative saver who has shied away from stocks because you’re scared of the stock market, you might want to consider that inflation is also a risk. If you don’t at least keep pace with inflation, you’re losing the purchasing power of your money.

“Where interest rates are right now, investors need to take on slightly more risk to get a return that may beat inflation,” said Ben Bakkum, quantitative investing associate at the digital adviser firm Betterment.

Is there anything I can do to take advantage of a rise in inflation?

If you have some cash that you don’t think you’ll need for a while, consider purchasing bonds, McClanahan recommends.

Series I Savings Bonds, which are issued by the Treasury Department, allow investors to earn a combination of a fixed interest rate and the rate of inflation, adjusted semiannually. The composite rate for I bonds issued from May through October was 3.54 percent.

The composite rate for I bonds issued from Nov. 1 through April 2022 is 7.12 percent, a portion of which is indexed to inflation every six months.

To buy and own an electronic I bond, you must establish a TreasuryDirect account. Go to

Is there any good news about rising inflation?

If you receive Social Security or Supplemental Security Income benefits, you’ll see your payments go up because of rising consumer prices. The Social Security Administration announced a 5.9 percent benefit increase for 2022.

And, if inflation relents next year, which some believe is possible as supply chains normalize, Social Security recipients will continue to get the higher payments anyway, Hamrick said.

Additionally, one of the few potentially beneficial effects of rising inflation will be that the Federal Reserve may well lift benchmark rates sooner rather than later, and more than previously believed, he said. That’s welcome news for savers.

“Previously miserly returns on savings should begin to rise,” Hamrick said.

It’s hard not to panic about inflation when your paycheck doesn’t go as far as you need. Still, keep things in perspective. It’s not the 1970s, when prices skyrocketed.

“Recent headlines about increasing inflation have been alarming, but inflation itself is not abnormal if it’s not out of control,” Bakkum said.