The inflation rate reached 3.4% in July 2026, according to the new Consumer Price Index released by the Bureau of Labor Statistics. This means that if your savings account’s annual yield is below 3.4%, your purchasing power is decreasing despite an apparent increase in your balance. For example, an iPhone that cost $500 last year is now worth $517, but $500 in an account yielding 2.3% only grew to $511.50. Several banking products can protect your savings against inflation, including high-yield savings accounts, certificates of deposit, and money market accounts.
Source: Read the original article
