71% of US workers say their pay isn't keeping up with white-hot inflation — here are 3 simple ways to fight back

The statistics are grim, but there are ways to mitigate the issue. Here’s what the experts say is happening to the economy and how you can beat the odds to fight inflation without a pay raise.

Consumers are feeling the crunch

The U.S. government released new inflation data on Thursday that disappointed some economists.

Experts were expecting a 0.2% increase to the Consumer Price Index (the tool the government uses to measure inflation) in September, according to a Bloomberg survey of economists.

Instead, the index rose 0.4% on a monthly basis and 8.2% on an annual basis. Core CPI — a measure of inflation that excludes volatile food and energy prices — rose 6.6% on an annual basis. That’s the fastest pace of inflation since 1982.

Income and wages are certainly not keeping up with this pace. The average wage was up 6.3% on an annual basis in the month of September, according to the Federal Reserve Bank of Atlanta. That’s lower than both headline and core inflation, which helps explain why many ordinary Americans feel underpaid and financially squeezed this year.

However, experts believe there are a few ways to mitigate the impact of inflation even if your employer doesn’t offer a pay raise.

More: How to ask for a raise

Switch jobs

Analysis by the Pew Research Center reveals that switching jobs could be a clever way to boost your income. The data seems to suggest that 60% of people who switched jobs or employers between 2021 and 2022 saw their pay rise, while fewer than half who stayed saw any wage growth during this period.

Which means if you’re looking to beat inflation, leaving your current role or employer for better opportunities may be your best bet at getting the salary increase you’re hoping for.

More: Sign up at FlexJobs to find the best remote, flexible jobs

Pick up a side gig

Supplemental income or side gigs have never been this popular. In fact, federal labor data revealed that as of September, 420,000 people were working two full-time jobs simultaneously. These workers were putting in roughly 70 hours a week to boost their income.