The Federal Reserve is opening the door to possible interest rate hikes earlier next year than had been expected, as it wrestles with the highest inflation in nearly four decades.

Businesses across the country, from restaurants to retail, must decide when, not if, to raises prices and by how much.

Stocks fell on Tuesday as investors weighed the potential economic fallout from the new coronavirus variant. Federal Reserve Chair Jerome Powell said the central bank could end its bond-buying early.

The bargain store has been testing the increase for months and says it's not a reaction to the current surge in inflation, though it will help.

President Biden has tapped Jerome Powell to serve a second term as chairman of the Federal Reserve as the economy faces huge challenges, including surging inflation.

The Farm Bureau's Thanksgiving report says the average cost of dinner for 10 people is $53.31. But don't cancel your meal yet: the cost for a turkey has already dropped since the survey was taken.

Presidents don't set the gas price you pay at the pump, but they're often blamed for it. And right now, high energy prices are helping send inflation to an over 30-year high.

Inflation is the highest it's been in more than 30 years, imposing a financial burden on households and putting President Biden under pressure.

Consumer prices were 6.2% higher in October than a year ago as inflation continues to chip away at the buying power of households across the country.

The Fed left interest rates near zero on Wednesday but announced plans to start removing some of the support it has provided to the economy as inflation hits its highest point in 30 years.

Treasury Secretary Janet Yellen says she expects inflation pressures to ease in the latter half of next year. Yellen spoke to NPR from Scotland, where she's attending climate meetings.

The U.S. economy slowed sharply in the third quarter as the delta variant and persistent supply chain woes weighed on growth. The months ahead should be better.

The economy is malfunctioning. We're spending more and getting less. The problem is bigger than just standard inflation.

President Biden has a big decision to make: Whether to reappoint Jerome Powell to a second term as Federal Reserve chairman or choose someone else for one of the world's most powerful economic jobs.

Makers of everything from pasta sauce to vinegar say it's getting harder to find glass bottles for their products, and it's leading to higher prices.