The economy is on a roll, thanks to the vaccine roll out and declining infection rates. A fast-growing economy is pushing up higher prices for all kinds of goods and services. The consumer price index — the government's main gauge of overall inflation — spiked in May to 5% over the past 12 months, the sharpest increase in 13 years.

The main reasons behind the jump in prices is hardly a mystery. Much of the increase reflects a bounce back from price declines at the beginning of the pandemic; companies struggling to hire enough workers to meet soaring demand; and stretched national and global supply chains. Wall Street investors and the Federal Reserve are betting that the jump in consumer prices is a transient reaction to unleashed pent up consumer demand (spending supported by an estimated excess of $2 trillion in savings accumulated during the pandemic).

What's the best way to handle higher prices in the meantime? American consumers are adept at the art of the deal, clipping (or clicking) coupons, looking for price markdowns and sales, and finding cheaper substitutes. One strategy may be particularly effective this time around: Waiting. It's a reasonable bet that supply and demand will come into better balance given time.

Take cars. The worldwide shortage of semiconductors slowed auto production, so people turned to the used car and truck market. Higher demand sent prices up sharply. But as economist Dean Baker has written, semiconductor output will increase as existing plants add capacity and new ones come on line. "When that happens, we are likely to see the price of used cars return to something comparable to their pre-pandemic levels," he notes. "New car prices, which have also risen rapidly, should also fall back in line with pre-pandemic trends."

The implication of the waiting strategy is that you'll repair and maintain the products you use currently. For example, if you're in the market for a new vehicle it will pay to keep your current one working for another couple of months (assuming that's a practical option).

Put it this way: The combination of a frugal mindset (do we really need this?) and a willingness to wait (perhaps as long as a year, depending on the purchase) should keep the impact of inflation on your household budget to a minimum.

Chris Farrell is senior economics contributor, "Marketplace," and Minnesota Public Radio.