The United States Federal Reserve signaled that soaring inflation may be slowing down a bit on Wednesday, announcing its smaller rate hike in almost a year.

The Fed announced a quarter-point increase in its interest rate to a rage of 4.5% to 4.75%, which is the smallest increase since March of last year.

“Inflation has eased somewhat but remains elevated,” the Fed said in a statement adding that “ongoing increases” will be appropriate as it seeks to bring prices down.

“We covered a lot of ground, and the full effects of our rapid tightening so far are yet to be felt. Even so, we have more work to do,” said Fed chair Jerome Powell.

Inside the United States, inflation has been moving up to levels unseen since the 1980’s, which has triggered a cost of living crisis as the price of nearly everything from eggs to gas and rent has rocketed upwards.

By. B.C. Begley