U.S. consumer inflation hit 9.1% last month, a rate that we have not seen in more than four decades. There’s good news and bad news here. Seniors will get the biggest increase in Social Security than they have seen in decades. And if you own your own home, you will be in a better financial situation than those who are renting because, as long as you have a fixed-rate mortgage, your payments won’t go up. The biggest cost increase right now is gas, up 11.2% from the previous month and up 60% from a year ago. This is followed by groceries, which are up 12.2% from a year ago. Let’s hope that the Federal Reserve can get this economy back on track.
