WEST PALM BEACH, Fla. — The Federal Reserve raised interest rates Wednesday for the 11th time in 17 months as they continue to try to tame inflation.
The quarter-point increase was widely expected and the central bank hinted that more increases could be on the way.
WPTV spoke with some experts and looked for advice on how to save amid higher prices.
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Federal Reserve raises its key rate for 11th time by a quarter-point
The rate going up a quarter percent means rates on credit cards, car loans and other borrowing is also going up. Here in South Florida, those higher rates can't seem to get inflation under control.
Prices are still going up, and in South Florida, it's more evident than elsewhere.
"I don't have a kid. I work. My husband works, and all the money is to pay rent and food," one grocery shopper said outside of a supermarket in West Palm Beach.
Greg McBride, a senior economist at Bankrate.com, said inflation continues to be a pesky problem.
"The battle against inflation isn't over yet, and that's why they continue to raise interest rates," McBride said.
The latest Consumer Price Index for June was at 6.9% from a year ago in West Palm Beach, Fort Lauderdale and Miami.
"In South Florida, we have one of the highest inflation rates in the country, and in large part because of our housing market," McBride said.
High demand from people moving to Florida and a low housing inventory are driving prices, McBride said.
Elizabeth Ayoola, a personal finance writer in South Florida for NerdWallet.com, said housing costs are hurting her wallet.
"For me personally, I have been hit hardest by the cost of rent," Ayoola said. "For grocery shopping, couponing may seem old school, but it is a way you can save money. Don't throw away the coupons that come in the mail. They can give discounts when you're shopping. You can also sign up for rewards programs. Lots of grocery stores and general stores have those."
She said budgeting is not something people like to hear, but making a budget and sticking to it can help deal with our inflation.
