Are these high prices here to stay? 11Alive went to the experts to verify.
Will we be feeling the impact of inflation for the rest of the year?
According to experts, high inflation is here for now, but steps are being taken to bring it down by the end of the year.
WHAT WE KNOW
Inflation in a nutshell is a continued increase in the price of goods and services with a decrease of purchasing power. Right now, the average price we pay for almost everything is at a 40-year high.
"it's been hard to make the money I used to make," An 11Alive viewer said.
This is happening because more people are demanding goods and services, which is driving up costs while income stays about the same.
Tom Smith, an economics professor at Emory University said he's hopeful inflation will get under control in the coming months.
He said he believes The Federal Reserve Board is making the right moves, such as increasing interest rates on certain loans, to get us from nearly 8% to where we need to be at about 2%.
"We understand that high inflation causes significant hardship," said Jerome Powell, chairman of The Federal Reserve.
Powell said he believes we will see inflation deflate this year.
"Like most forecasters, we expect inflation to decline over the course of the year," he said.
Professor Smith said he's optimistic, too.
"I am encouraged our Federal Reserve Board is engaging in policies that make sense," he said. "This is what they've trained their entire lives to do to make sure we're well taken care of moving forward."
So, unfortunately, high inflation is here for now, but experts said steps are being taken to bring it down by the end of this year.
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