The battle against inflation is not over.
As of July, 61% of adults still said they are living paycheck to paycheck, according to a new LendingClub report, slightly more than last year’s 59%.
Yet, recent releases show that, at least compared with the soaring inflation of a year ago, consumers who have been squeezed by higher prices should be experiencing some relief. June and July both saw easing in the pace of price increases, with core inflation up 0.2% for each month, according to the U.S. Bureau of Labor Statistics.
Inflation ‘remains too high’
But in recent remarks, Federal Reserve Chair Jerome Powell said inflation “remains too high” despite those positive indicators, and warned that more interest rate hikes are still possible.
