The consumer price index (CPI) increased 8.3% year-over-year in August. The higher-than-expected inflation paved the way for the Fed to lift interest rates by 75 basis points last week. The central bank also hinted at maintaining its hawkish stance, raising inflation concerns.
Surging inflation and interest rates are taking a bite out of homeowners’ budgets and have weighed significantly on the home improvement sector. Several homeowners have delayed big renovation projects as prices for building materials, fixtures, and appliances jumped, impacting builders and remodeling contractors hard.
