Inflation in the United States is reaching record levels — and Americans are starting to notice.
In essence, inflation is the erosion of a currency’s purchasing power over time. If, for example, inflation remains at 2% for a year, then the value of each dollar — whether new earnings or previous savings — drops in value by 2% over that same period.
While the Federal Reserve has pegged its long-term inflation target at 2%, the United States economy has witnessed inflation rates well above the official benchmark since March 2021. For three of the past four months, inflation has remained at […]
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