What goes up must come down. Right? Inflation has been soaring over the last year. But price rises in July were “just” 8.5% higher than what they were last July, down from a 9.1% yearly rate in June. Perhaps the worst is over?
Americans have been feeling the hit at the gas pump, grocery stores, restaurants and when planning vacations. In response, the Federal Reserve raised interest rates from near zero to between 2.25% and 2.5% as it tries to drive inflation down to its target rate of 2%, but it is unclear when that goal can be reached.
