NEW YORK—Emarilis Velazquez is paying higher prices on everything from food to clothing. Her monthly grocery bill has ballooned from $650 to almost $850 in recent months. To save money, she looks for less expensive cuts of meat and has switched to a cheaper detergent. She also clips coupons and shops for her kids’ clothing at thrift stores instead of Children’s Place. For the holidays, she’s scaling back on gifts. She plans to spend $600 on her three young children instead of $1,000, and she won’t be buying any gifts for relatives. “It’s stressful,” said the 33-year-old stay-at-home mother from Boardman, Ohio, whose husband earns $30,000 a year making pallets for stores. “You want to give it all to your kids, even though (Christmas) is about family. They still expect things. It is hard that you can’t give them what they ask for.” Retailers may be forecasting record-breaking sales for …