(WWLP) – Inflation continues to rock the lives of consumers with levels not seen in more than 40 years. This has lawmakers working to figure out a plan on how to bring it down.
The White House and congressional Democrats have been scrambling to fight inflation, but there’s hope that relief is possible in the coming weeks and months.
Supply chain issues, the pandemic, and the Russian invasion of Ukraine are some of the forces driving inflation globally. As American consumers struggle to keep up with costs, members of Congress say they’re working to solve a problem not unique to the U.S.
Congressman McGovern mentioned the effect that the COVID-19 pandemic had on the economy, “We’re here because of a once-in-a-lifetime pandemic that resulted in all kinds of chaos, including economic chaos, and we are trying to find legislative initiatives to try to reverse inflationary trends.”
Congressman Neal told 22News, “I’m hoping in the August 10th report that the Bureau of Labor Statistics will point out that there has been a decline.”
That would mark a stark difference in the July report which had the consumer price index at a high of 9.1 percent.
Last month, Congress passed the Lower Food and Fuel Costs Act in an effort to address soaring prices. Meanwhile, the Central Bank is looking to continue increasing interest rates.
The fed will meet later this week to decide to increase rates by half a point or go with another three-quarter point increase like last month. It’ll be a challenge for the fed to rein in prices while avoiding an economic recession.
But one West Springfield resident told 22news she’s hopeful things will calm down. Cecily Santolini said, “You just have to have faith that eventually it’ll balance out and move on.”
Raising interest rates has led to the economic fallout in the past but economists right now do believe a recession is avoidable.