A gallon of gas costs about double what it cost in January 2021. Home prices were up a whopping 19.8% year-over-year in February. And, in March, groceries cost 10% more than they did a year earlier.
Thankfully some analysts think that the burden could soon ease, and that we’ve reached an inflationary top.
This week, the Federal Reserve will meet and likely announce plans to raise interest rates, a tool used to combat rampant inflation. However, investors fear that accelerating the pace of interest rate hikes could drag the economy into recession.
Ryan Detrick, chief market strategist for LPL Financial, thinks it’s likely that inflation has already reached a peak on its own, and that the Fed could start to pull back on interest rates by the second half of the year.
The core personal consumption expenditures index, which the Federal Reserve closely watches to measure the price of goods and services, grew by 5.2% in March, excluding food and energy prices,…
