Inflation is Here
It’s no secret that prices have risen in recent years. The cost of living has been increasing, while wages have remained relatively stagnant. This has put a lot of financial pressure on American households, especially as we head into the holiday season.
The Bureau of Labor Statistics
The rising cost of living is putting a strain on families across the country, as they struggle to keep up with the increasing prices of everyday items. According to the Bureau of Labor Statistics, consumer prices rose 0.9% in October and 6.2% compared to a year earlier. This marks the fastest annual jump since December 1990 and a substantial leap from the 2% inflation target by the Federal Reserve.
So far, the Fed has been hesitant to raise interest rates in response to the inflationary pressure, but if prices continue to rise at this pace, they may have no choice but to take action. In the meantime, American families will have to tighten their belts and find ways to stretch their budgets even further.