High inflation persisted in January, with the consumer price index rising 6.4% on an annual basis.
"It is true that inflation is not going to be back to pre-pandemic levels, but it is going to be much better than what it has been over the last three years," Aleman said.For many households trying to stretch paychecks from one payday to the next, there has not been much relief to date, noted Greg McBride, chief financial analyst at Bankrate.com.
"The troubling thing about the pervasiveness of inflation is the fact that it's hitting hardest in categories that are necessities," McBride said. Household budget staples continue to be leading contributors to inflation, according to McBride. That includes food, shelter, electricity, natural gas, apparel, vehicle insurance, and household furnishings and operations.While other areas like used car prices have come down, that does not help unless you are in the market for such a vehicle, he noted."There's not a whole lot of places to hide from it," McBride said.
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