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Inflation is still a problem for consumers

Newswatch 16's Jon Meyer takes a look at economic trends after Tuesday's stock market plunge.

PENNSYLVANIA, USA — Inflation is getting worse even with gas prices falling, and that's having an impact on the stock market.

Stocks edged higher in Wednesday morning trading on Wall Street following the market's worst day in two years.

The Dow plunged some 1,200 points yesterday following worse-than-expected news on inflation. Inflation at the wholesale level jumped 8.7% in August from a year earlier, a slowdown from July yet still a painfully high level that suggests prices will keep spiking for months to come.

Wall Street is also concerned about rising interest rates and the recession they could create

The Federal Reserve is expected to raise rates by another three-quarters of a percent or more next week, making everything from car loans to credit card debt more expensive.

Check fuel prices near you with the WNEP Gas Tracker.

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