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“Inflation is the key drag on the U.S. economy now,” said Heather Long, chief economist at Navy Federal Credit Union. “This is hurting Americans. There is a real financial squeeze underway. For the first time in three years, inflation is eating up all wage gains. This is a setback for middle-class and lower-income households, and they know it.”
What's The Main Cause?
The war in Iran is driving up prices from the noticeable fuel charges at the pump to the cost of a mortgage. Oil is trading at over $100 a barrel, and the national average for gas is $4.50 per gallon, according to AAA. Only one state, Oklahoma, has an average gas price under $4.00 per gallon, while California has the highest at about $6.15 per gallon.
Related: Why Florida Is No Longer the Top Choice for Your Retirement, According to Real Estate Pros
Looking Ahead
Given that the war in Iran is driving global prices, it’s unlikely we’ll see a reprieve any time soon. With the actual inflation numbers outpacing the Fed’s goals, all we can do is make smart money moves until something finally gives.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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