Tuesday, January 18, 2022 Inflation isn’t going anywhere soon The rising prices currently happening in just about every sector is hardly surprising news at this point. The inflation rate fell at the start of the coronavirus pandemic as the nationwide lockdown had people hunkering down in their homes. In March 2021 however, the impact of halted manufacturing began hitting the market and crude oil prices started climbing, and the inflation rate increased to 2.6%, hitting its current high of 5.4% in June and July. While the rate started falling in August to 5.3%, it then climbed right back up to 6.2% in October. Unfortunately, for the average consumer who’s struggling to cover expenses amid rising costs, this means inflation isn’t going anywhere soon.
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Is Inflation Here to Stay in 2022?
With the recent hike in prices, it may feel like you need to take out a second mortgage just to fill up on gas and restock the pantry. Why is this and are these inflated prices here to stay? Well, according to a recent Bureau of Labor Statistics report, U.S. inflation is currently running at a 13-year high at 6.2% as of October 2021--and it’s showing no signs of slowing down anytime soon. Here’s what you need to know about the current state of the U.S. economy and what you can likely expect in the coming months.
