Inflation numbers say one thing, but New Yorkers still feeling the pinch

NEW YORK (PIX11) — Even as the Fed gets ready to declare victory over inflation and lower interest rates, New Yorkers are still feeling the pinch.

“I don’t know how people are surviving honestly,” said Monique Nixon outside a Key Food in Manhattan. “I think we’re all going through all something financial.”

Nixon acknowledged she has seen prices all but stop rising in the last couple of months, but she said it’s still tough to pay the new high numbers.

However, some additional relief may be on the way with price stability.

The Federal Reserve does seem likely to signal next week it will begin cutting interest rates.

Lower rates would make it easier to get a home mortgage, to finance a car and lead to businesses borrowing to grow, meaning more jobs. All that economic activity generally triggers positive news on Wall Street, raising retirement accounts and even blustering city services because the city draws billions in tax revenue from the financial sector.

However, that big picture relief was of little concern to New Yorkers like Robert Houser, who had just paid $3 more than he was expecting for lunch.

“It’s everything from fast food, to groceries to pretty much everything,” he said.

If the Fed does signal that rate cut next week, it would not happen until its regular meeting in September.

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