(NewsNation) — Inflation has slowed somewhat in recent months, but for average Americans, the signs and struggles of inflation are still evident.
The Federal Reserve is facing the challenge of working to slow inflation while preventing further collapses in the banking industry. The Fed previously hinted at raising interest rates again, however after the collapse of Silicon Valley Bank, along with other small- to medium-sized banks, there has been speculation the agency will halt rate hikes for the time being.
Inflation and fears of an upcoming recession can hit Americans in ways big and small. Layoffs have continued, especially in the tech industry, as businesses brace for a possible economic contraction.
The recent banking troubles may also make it more challenging to get a loan, which could drive down consumer spending on big-ticket items like homes and cars. On top of that, car prices have remained high for both new and used vehicles.
But inflation hits the pocketbook in smaller ways, too.
Many Americans are still seeing higher energy bills to power their homes thanks to increasing prices for natural gas. While grocery prices have come down slightly in some areas, bills for essentials remain high.
For some families, inflation has become so bad they’ve been forced to surrender family pets because the costs of pet food and veterinary care have become too high to continue to keep up. Shelters in some areas have seen spikes of abandoned or surrendered animals, including those with serious medical issues requiring treatment.
Egg prices are so high that discount chain Dollar Tree announced it will no longer keep them in stock. Prices for eggs hit just over $4 a dozen recently, a slight drop from January but still high. Prices for other essentials, like rice, remain much higher than usual with no signs of dropping.
For those who think fast food may be a way to pinch pennies, there’s not good news there either. In New York, 2 Bros. Pizza raised the price of its famous $1 pizza slices to $1.50. Nationwide, the cost of a Big Mac has also gone up.