Rising costs have impacted nearly every sector of the economy, from deposit account APYs to credit card APRs, the price of consumer goods, and more. And many Americans are struggling to cover their basic expenses. The March Consumer Price Index (CPI) signaled a 0.1% rise in the inflation rate, up 5.0% from the same period last year, according to the Labor Department.
An April report by PYMNTS.com and LendingClub highlighted the pressure that rising prices have put on average consumers. The data showed that 60% of United States consumers lived paycheck to paycheck as of March 2023.
