Here’s what consumers plan to cut back on if prices continue to surge
People plan to trim spending on food, driving and vacations to keep up with inflation, according to CNBC + Acorns Invest in You survey.
The central bank chief asserted that he will seek to balance fighting inflation with supporting the labor market.
The personal consumption expenditures price index was expected to increase 0.1% in August and 2.3% from a year ago.
It was the first major Western central bank to reduce interest rates back in March.
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