00:00Inflation is lower than it was a year ago, but many Americans don't feel any financial relief.
00:05CNN notes that's because prices across all goods and services haven't actually gone down.
00:11The speed that prices have increased has slowed down from a year ago.
00:15The cost of egg prices are up 21% from last year.
00:19People are encountering price increases with all things related to their cars.
00:23And the cost of meals in grade school is up almost 300% since last year, according to April's Consumer
00:31Price Index.
00:32This means if you eat breakfast, drive to work, or have children, you're likely feeling the lasting effects of inflation.
00:39MarketWatch reports that the Federal Reserve has tried to curb inflation by hiking the federal funds rate 10 different times
00:46since 2022.
00:47The most recent increase in early May put the rate above 5%, which is the highest since 2007.
00:55NerdWallet notes that the root of inflation is because of high demand and low supply, which causes an increase in
01:01prices.
01:01Many consumers are spending more money than they usually do, and supply chain issues and global fuel shortages have lingered
01:09since the pandemic.
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