Rising inflation isn't only hurting your wallet. The state of New York is bracing for impact too.

New York State Comptroller Thomas P. DiNapoli says that while sales tax revenue across the state is still up significantly compared to this time last year, that could be because people are paying more for what they're buying.

“Given the changes that are happening and the increase cost for all services and products that could impact the state spending as well, folks need to re-look at spending priorities and be a bit more conservative,” DiNapoli said. “So I don't think we're at the point where we need to order across-the-board budget cuts, but look it's a very precarious situation right now I think everybody acknowledges that.”

Last week, state commissioners and department heads were told to keep a close eye on their budgets to see how it's going to impact state spending.