Per CBC

The US inflation rate has finally hit its lowest level in the last two years. This came as its inflation rates hit 4%, well below April's 4.9%.

This came as consumer prices saw a 0.1% increase from April to May. The report by CBC attributed this to the falling gas prices as well as the minuscule increase in grocery prices and other consumer goods items.

Per CNBC, PL Financial chief economist Jeffrey Roach gave a statement regarding the situation.

Roach: “The encouraging trend in consumer prices will provide the Fed some leeway to keep rates unchanged this month and if the trend continues, the Fed will not likely hike for the rest of the year,”

In December 2022, it was reported that around 70% of Americans reportedly suffered from food inflation and were struggling to buy groceries. This came from a survey by Swiftly involving 1,500 participants.

The survey also discovered that 83% of the respondents relied on coupons, reward apps, or a loyalty program. It was also revealed that 74% of the respondents needed to adjust their shopping habits in 2021.

This meant that there were more people downgrading their regular purchases or looking for more affordable alternatives. As the survey showed, only 33% of its participants were increasing their shopping compared to a year ago.

The survey also revealed an increasing trend regarding coupon and reward use when it comes to buying groceries.

In October 2022, it was also revealed that 47% of employees now plan to retire later due to how inflation affected their retirement savings. This came as 44% of them noted that a market crash would result in their savings being destroyed.

This resulted in them wanting to work four years more on average compared to their plans in 2021. The survey reportedly involved 1,000 retirement plan participants aged 45 or older.

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