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Across the globe, people continue to wrestle with the impacts of inflation. As the costs of living, doing business, and otherwise moving through the world increase, wages are not following suit.

In fact, many people are losing income amid job layoffs or reduced hours. As employers feel the sting of inflation, they have to make decisions, such as lowering overhead costs, to avoid going out of business altogether.

Across the pond in the United Kingdom, the annual inflation rate dipped slightly. Though, British experts still maintain that it's far from reaching the ideal target of 2%.

Now, a leading economist with the Bank of England is making it crystal clear that the fight against inflation isn't even close to being over with.

What the general public needs to know about inflation

Chief economist Huw Pill expressed this week that the Bank of England remains committed to lowering British inflation to 2%. So far, the current rate of inflation across the pond is over three times higher than this.

Pill also stressed that in order to significantly lower the inflation rate, interest rate hikes may be on the table. Likewise, the leading economist pointed out the ongoing war between Israel and Hamas could adversely impact oil costs, thus further putting the squeeze on consumers.

Finally, Pill made it clear that as long as inflation continues to be an ongoing problem, economists and other officials will have to employ consistent action in order to get the rate as close as possible to the 2% target.

Weathering the inflation storm

Despite concerted efforts from top officials, there's no telling when inflation will cease to be a problem. As living expenses continuously rise, some people are having to get more creative with making ends meet.

For some folks, that means cutting back on spending to make their money go further. For others, they've begun seeking out side gigs to bring in more income every month.

Finding supplementary second jobs or part-time work, however, is getting more difficult. Many companies aren't exactly looking to bring more staff on board at the moment amid the current state of inflation.