Inflation, commonly known as the persistent rise in general prices of commodities simultaneously resulting in the reduction of purchasing power of an entity has been on a persistent increase in the US in recent times despite the targeted efforts of the federal reserve to control it using interest rate hikes.
This measure so far has reduced the rate of the rise in inflation, price increases are now at a decreased rate but the general overall effect of the inflation can still be felt. Core CPI, which provides a better estimate of longer-term trends has shown an increase from yearly 6.3% to 6.6% creating a new 40-year high, this is exclusive of volatile food and energy items.
Inflation cannot be curbed completely, the best that can be done to it is to manage it in such a way that it doesn't lead to the breakdown of the economy. A little inflation here and there is beneficial but at this rate, the broad-based effects would be felt by the common citizen.
The prices of goods and services as well as the cost of services are on a persistent increase, rent and medical care costs seem to be heading to mars.
As a result of how entrenched inflation has become in the US economy, the feds plan to adopt a fourth outright increase in interest rates to tame the causal effect of the increased money supply and credit facilities.
