How NJ Transit fare hikes and inflation could impact your wallet

In this edition of Eyewitness News Extra Time, we detail the New Jersey Transit fare hike set to take effect in July, and the latest inflation report that revealed a surprising setback. On Wednesday, the Board of New Jersey Transit hiked fares for its railroads, bus routes and light rail lines starting July 1 as officials seek to patch a massive hole in the agency's finances. Ticket prices will rise by 15% on July 1, and 3% every year after that. The vote in favor of the hike was unanimous despite protest by commuter groups. The question is whether the higher fares will lead to better service. The Labor Department released its latest inflation report on Wednesday. Inflation ticked up 3.5% in March. That is more than economists expected -- which is not great news for your wallet. Prices rose in almost every major category. Gas and housing costs accounted for more than half of that monthly increase. Prices fell in only a couple of categories, such as used and new cars. Other prices, like groceries, remained flat. The Federal Reserve wanted to see meaningful progress on inflation before it starts cutting rates. The news triggered a selloff on Wall Street. ABC's Reena Roy dives deeper into what the inflation setback means. Learn more about your ad choices. Visit podcastchoices.com/adchoices