Experts say with inflation at a 40-year high, people are now paying more for everything from rent prices to groceries - so any pay raise they get will be wiped out.

Caleb Silver, of Investopedia, says Wall Street is already going crazy amid the news that inflation has hit a 40-year high.

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"Everybody was sort of expecting a big number, but we got 7.5% inflation," says Silver. "We have not felt inflation this high since 1982, that is 40 years and you are feeling it everywhere you go, from energy prices to home heating oil prices to grocery stores, to appliances and furniture. Everywhere you shop, you are spending more money."

An average grocery bill in 2019 for a family of four was about $224 a week, and now it is about $282 a week.

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What's making the grocery bill bigger is the price of meat, fish and even eggs. Those items are up about 12.2%. Cereals and bakery products are also up about 6.8%, and vegetables are up about 5.6%.

"The most expensive things at the grocery store are meat poultry, fish and eggs. You could go on a vegan diet for a few weeks, you could not have that every single night," says Silver. "You could also buy in bulk from some of those bulk retailers, avoid the middle of the grocery store where a lot of those costs are rising, and stick to the outside and that will help you bring down costs."

Silver says the Federal Reserve is expected to raise interest rates in March in an effort to bring down the prices. He also says investors should try to ride things out and not try to sell stocks off.

"Be patient, take your time, keep investing and keep your eyes on the prize long term," says Silver.