CHARLOTTE, N.C. — We could finally be turning the corner on inflation in the new year.
Let's connect the dots.
Between November 2020 and November 2021, the US saw its highest inflation rate in 39 years.
Consumer prices rose nearly 7% across the board and economists say inflation will likely remain high for a few more months. But things should calm down later in 2022.
And families could see some relief even in the next few weeks. Worldwide, prices are dropping for crude oil and natural gas, which means the price of heating your home and filling up your car is going down.
Our supply chains are also recovering as we head into 2022.
Insurance company Euler Hermes says most companies are nearly restocked after cutting inventories in 2020.
And many are increasing their shipping capacity to get those goods to you.
We're seeing action from the government too.
The Federal Reserve says it's prepared to raise interest rates up to 3 times in 2022 to combat inflation.
That would make borrowing for big purchases more expensive but could drop the prices on your day-to-day expenses.
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