Inflation has increased significantly, causing financial market jitters and consumer worries. Supply and demand issues, as well as energy, food, and housing costs, are major contributors. Despite interest rate hikes by the Federal Reserve, inflation remains high. Investors now anticipate that high rates will persist, affecting economic growth projections. While some item prices have eased, essential expenses like housing are still a burden. Consumers should proceed cautiously, budgeting carefully as the economy and the Fed work to curb inflation.
Small business owners are facing a difficult time as inflation remains a problem, causing them to raise prices and wages. A survey by the NFIB found that 88.5% of small businesses are facing economic challenges, with inflation being the biggest concern, particularly higher input and labor costs. The survey shows that inflation is still an issue for businesses, despite other data showing it's receding.
