Rising prices have led the Fed to make a slew of interest rate increases over the past year in an effort to tame the red hot inflation rate—which currently stands over 7%, a far cry from the target 2% rate.
While some progress has been made and November marked the lowest year-over-year rate increase since December 2021 (coming in at 7.1% compared to the 7.3% analysts had predicted), consumers have had to make changes to their spending habits to cover their basic costs.
