Your Money Matters: Wages Rise, Inflation Increases, And Borrowing Costs Could Drop

Inflation, which had dropped dramatically by 7% between 2022 and September 2024, is now on the rise again, just ahead of the holiday season.

But there is some good news. Wages are increasing faster than inflation, giving consumers more spending power.

Additionally, borrowing money could become a little less expensive if the Federal Reserve decides to cut interest rates this month. Those rates impact car loans, mortgages, and credit cards.

"The Fed is going to be waiting for the impact of any new Trump administration policies and their impact on the overall economy," said Jill Schlesinger, CBS News Business Analyst.

Other positive highlights in the latest report include an 8% drop in gas prices from a year ago, a slight decrease in electricity costs month-to-month, and a more than 3% drop in toy prices.