Inflation and layoffs were some of the biggest finance topics of 2022. What does this say about the U.S. economy going into 2023?
RELATED: Tax refunds may be smaller this year according to IRS. Here’s why. https://bit.ly/3VVmm6E
Inflation is cooling, but don’t tell that to Americans. Even after a year-over-year rise in consumer prices slowed to 7.7% in October from a 40-year high of 9.1% in June, consumers still aren’t feeling optimistic that inflation will wane anytime soon. And in a kind of self-fulfilling prophecy, this could keep inflation buoyed and the Federal Reserve raising rates to tamp it down, some economists say.
In November, consumers’ expectations for inflation over the next 12 months jumped to 7.2% from 6.9% in October, based on rising gasoline and food prices, according to The Conference Board, a nonprofit that tries to gauge what’s ahead for the economy and help leaders navigate issues affecting businesses. Other well-regarded surveys also showed that Americans have a gloomy view of where inflation is headed. The most optimistic survey, from the University of Michigan, showed inflation expectations changed little last month from October, although they remained elevated.
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Inflation, student loan forgiveness lead biggest money stories of year | JUST THE FAQS
RELATED: Tax refunds may be smaller this year according to IRS. Here’s why. https://bit.ly/3VVmm6E
Inflation is cooling, but don’t tell that to Americans. Even after a year-over-year rise in consumer prices slowed to 7.7% in October from a 40-year high of 9.1% in June, consumers still aren’t feeling optimistic that inflation will wane anytime soon. And in a kind of self-fulfilling prophecy, this could keep inflation buoyed and the Federal Reserve raising rates to tamp it down, some economists say.
In November, consumers’ expectations for inflation over the next 12 months jumped to 7.2% from 6.9% in October, based on rising gasoline and food prices, according to The Conference Board, a nonprofit that tries to gauge what’s ahead for the economy and help leaders navigate issues affecting businesses. Other well-regarded surveys also showed that Americans have a gloomy view of where inflation is headed. The most optimistic survey, from the University of Michigan, showed inflation expectations changed little last month from October, although they remained elevated.
» Subscribe to USA TODAY: http://bit.ly/1xa3XAh
» Watch more on this and other topics from USA TODAY: https://bit.ly/3HJCErF
» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.
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