Economy Headed In Right Direction?
Here’s what could be happening…
It has now been learned that a new November slowdown in inflation could finally start lowering prices for Americans and also tame interest rates.
According to The Hill, Consumer price index (CPI) revealed that while inflation was still at a near 40-year high, the slower pace of price growth could help more Americans save more money than when inflation was surging.
Economist for Navy Federal Credit Union Robert Frick explained, “Cooling inflation will boost the markets and take pressure off the Fed for raising rates, but most importantly this spells real relief starting for Americans whose finances have been punished by higher prices.”
“This is especially true for lower-income Americans who are disproportionately hurt by inflation,” he added.
The annual inflation rate dropped to 7.1 percent in November compared to what it was at 7.7 percent in October. While this change is small it could finally mean things are getting back to normal. Hopefully, President Biden doesn’t do anything else to make matters worse.
