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SALT LAKE CITY (ABC4) – Inflation is the highest it’s been in decades and it’s forcing people to pay more for less.

Now the federal reserve chair Jerome Powell says he’s taking action to prevent the high inflation rate from becoming permanent and part of his plan is to increase interest rates as early as next March.

Powell says although the hike would mean higher rates on mortgages and credit cards, the combo should help bring down the rising rate.

Powell also says long-term changes won’t happen overnight. Instead, he says the fed will continue to evaluate what actions are needed based on how the economy is doing.

So where are we at when it comes to economy or business?

Joining Good Morning Utah with a look at where we stand heading into the new year and legislation for one specific issue hitting Utahns is Barbara Riddle, the CEO of Chamber West

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