INDIANAPOLIS — Financial experts say inflation is coming down but that doesn't mean prices of goods are.
The conversation about inflation seems to have leveled out as people seemingly believe things are cooling off.
However, financial experts say that is a false narrative.
"There are other areas that we've seen continue to rise like health care [and] education. I think those are things people long term definitely need to keep a closer eye on because those inflationary factors are real and they're current," financial expert Alexander Joyce said.
Joyce says people also tend to ignore inflation because they are simply used to the high prices and paying more.
But inflation is something that is impacting nearly every American in some way, shape or form.
"You work every day but they're not paying you enough to take care of your bills," Martelle Caudle said.
The U.S. Bureau of Labor Statistics released a new Consumer Price Index (CPI).
It shows that consumer prices are up 4% from May 2022 to May 2023.
But the data still shows an overall decrease in the rise. The U.S. Bureau of Labor Statistics said it's the smallest 12-month increase since March 2021.
However, prices of some consumer products are decreasing.
The price of gas in Indiana this time last year was an average of $5.13 per gallon. This year, it was an average $3.52 per gallon.
Financial experts say a 4% inflation rate is still high. Joyce says a normal rate is 2% or below.
Experts say they do think that costs could lower, but we could see them rise again before that happens.
They also say interest rates could climb again, despite the federal reserve's recent decision not to raise rates for the first time in more than a year.
Nerd Wallet did provide tips to help keep costs at bay at the grocery store.
