Consumer News: Slight relief at the gas pump in SC, Federal Reserve raises interest rates

Consumer News with ABC Columbia is brought to you by Grow Financial.

COLUMBIA, SC (WOLO)– Drivers in the Midlands are seeing some slight relief at the pumps. GasBuddy says the statewide average for a gallon of gas has finally fallen below $4, at $3.99. A little closer to home, drivers are paying an average of $3.98 cents per gallon in the Midlands. That’s a 10 cent dip from last week’s $4.08 average. Nationwide, drivers can expect to pay roughly $4.32 per gallon.

CNN– For the first time since 2018, the Federal Reserve is raising interest rates by a quarter-percentage point. The Fed also hinted more increases are ahead this year, as it works to tame soaring inflation. The move comes despite the growing economic uncertainty in the U.S. caused by the war in Ukraine. Today’s Consumer Watch takes a look at what higher interest rates could mean for your wallet.