Have you noticed the jump in household expenses recently? Inflation soaring to 7% in the US. It’s the highest inflation since 1982.
Prices are up for cars, gas, food, furniture and many other items. That inflation fueled by rampant federal spending by the Biden administration.
The labor department reports that gas prices were up 5.5% in December. That’s the greatest increase since 1991. Gas prices are now up 50% from one year ago.
Those impacted most by the inflation, people living on fixed income, whether it’s a set salary, a pension or social security.
Economists predict prices may level off in the coming months, but we’ll still see increasing costs for rent, groceries and restaurant meals.
The federal reserve is prepared to accelerate the interest rate hikes it plans to begin this year. Those fed rates will likely increase three times this year.