James Duffy used to frequent the coffee shop on weekends to enjoy an Americano and read a book. Then, rising inflation started to bite.

Mr. Duffy, 25 years old, began cutting back on coffee outings earlier this year. Now, he brews a big pot of coffee at home, part of a broader attempt to save money as prices rise for gas and groceries. The Greenwich, Conn., resident said he is becoming more of a homebody, limiting his outings to walks and get-togethers with friends.