High food prices are here to stay with rising inflation

Food prices are up by more than 11% in comparison to last year. Photo by Shutterstock.

Consumer prices have risen by more than 8% since last August. The Bureau of Labor Statistics announced the further rise of inflation as the cost of important essentials such as food, medical care, and rent go up. Some relief has arrived in the form of lower gas prices, but it hasn’t been enough to bring down inflation. As a result, the U.S. Federal Reserve is expected to raise interest rates. Could the recently-signed Inflation Reduction Act help ease the economy?