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.
