Fed's latest rate hike: 5 ways Americans may feel the pain

While the Fed raises interest rates to keep inflation in check, the everyday prices Americans may care about most — food and gas — beyond the reach of central banks, as their costs are determined by global factors that largely affect supply. U.S. gasoline prices, which soared above $5 a gallon in mid-June due to Russia’s invasion of Ukraine, have now fallen to about $3. one gallon, dropped for a week in a row. As U.S. refineries overproduced fuel in an attempt to rebuild low inventories of diesel and 2001, according to analysts and traders, heating oil . But the ongoing war in Ukraine and severe drought in Europe and China will see U.S. food prices rise more than % is up at least early next year compared to a year ago. Russia announced earlier on Wednesday that it would send a large number of troops to Ukraine, further escalating the conflict and potentially jeopardizing the Black Sea corridor established under a UN-backed deal that recently allowed the export of sea grain from Ukraine. 60