5 min read. September 26, 2022 by Amanda D’Auria
Inflation has slowed for the second month in a row after hitting a 40-year high of 9.1% earlier this year. This slowdown suggests the worst may be behind us, but high prices are still a problem for Americans across almost all industries.
For instance, the cost of gas fell 5%, but food costs rose 11.4% over the past year. The Federal Reserve enacted another 0.75% rate hike to combat inflation, but what is causing inflation, and how can the average consumer deal with high prices?
Inflation describes the rising cost of goods and services over time, measured monthly by the Consumer Price Index. Inflation is always a concern for consumers and business owners. As goods and services become more expensive, the power of your money erodes away, which decreases your buying power, diminishes your emergency fund, and makes doing business much more difficult in many regards.
There are four primary causes of inflation:
The ongoing inflation in the U.S. is primarily caused by supply chain disruptions, food shortages, and higher energy prices. Regardless of the origin, consumers need to re-evaluate their spending habits to deal with the rising costs we’re experiencing nationwide.
For most Americans, inflation has caused costs to go up in nearly every area of their budget. Recent signs indicate that inflation may have peaked, but there’s little evidence to suggest the FED has solved the underlying issues at the source of the situation.
Here are a few ways you can combat inflation in your own life:
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Amanda is the Marketing Coordinator for National Business Capital. She’s a graduate of Ziklin School of Business at CUNY Baruch College and holds a B.A. in Advertising, Marketing, and Communications. Amanda has extensive experience creating content, directing outreach campaigns, and managing operations. She is passionate about small business and helping entrepreneurs reach new heights.