Bankrate.com surveyed 2,500 American workers and 48% of them said they got some kind of raise in the last year, but 55% of the people surveyed said their income hasn't kept up with rising household costs.
-- Hourly wages are increasing and many Americans are getting raises at work, but inflation is moving faster than those raises.
Shopper Romni Sano says he got a modest raise late last year, but it hasn't come close to keeping up with the rising costs of necessities like groceries. "Average hourly earnings are up over 5%. We'd normally be doing backflips over a rate like that, but inflation has been running at a 40-year high," said Greg McBride, chief financial analyst for Bankrate.com.The Federal Reserve drastically ramped up interest rates, which eventually brought down costs but caused a short recession.
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