California Had the 5th Highest Rate of Increased Credit Card Usage To Cope With Inflation | State

Recent data shows that efforts to tame inflation are starting to have an effect. After nearly a year of steady rate hikes by the Federal Reserve, year-over-year growth in the Consumer Price Index slowed to 6.0% in February 2023. This was the lowest since September 2021.

While inflation eventually peaked, many Americans continued to struggle with high prices. Nominal wages have increased since the start of the COVID-19 pandemic amid the Great Resignations and ongoing tightening of the labor market, but this rate of growth has kept pace with the rate of increase in prices for most workers. This cuts into household budgets and makes it more difficult for consumers to maintain their standard of living.

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