Written by Bernie Carr
For several months now, we’ve been talking about inflation; and it looks like it’s here to stay for now. I had written about it a few months ago when it was the highest level in 13 years, now it’s at the highest level in 40 years, according to Forbes.
The Federal Reserve just recently increased interest rates again, by .75 percentage point, which means credit card debt, lines of credit, loans and variable mortgages will become more expensive. Consumers with savings accounts and certificates of deposit should see higher interest rates, but if it doesn’t keep up with the inflation rate, savings are still being eroded.
Will the Fed’s rate hike help?
The Fed’s move to raise interest rates is meant to curb inflation, but are people going to see lower gas prices, lower food prices?
This video has a great discussion about whether the strategy will help at all, discussing the comments made by Fed chair Jerome Powell after questioning from Elizabeth Warren.
Unfortunately, it appears that it will not really help the average person.
What can you do?
Continue to prepare:
- Dealing with food inflation.
- Get some ideas on how to prepare for hyperinflation.
- Prepare for job loss.
- You can still prep even if you have no money.
- All the bad news can get to you – here’s how to deal with prepper overload.
- Don’t get discouraged. If things feel too stressful, pay attention to self-care.
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Bernie Carr is the founder of Apartment Prepper. She has written several books including the best-selling Prepper’s Pocket Guide, Jake and Miller’s Big Adventure, The Penny-Pinching Prepper and How to Prepare for Most Emergencies on a $50 a Month Budget. Bernie’s latest e-book, FRUGAL DIY has just been released on Amazon. Her work appears in sites such as the Allstate Blog and Clark.com, as well as print magazines such as Backwoods Survival Guide and Prepper Survival Guide. She has been featured in national publications such as Fox Business and Popular Mechanics. Learn more about Bernie here.