Money Inflation hits another 40-year high. What does that mean for shoppers and the next Fed rate hike? July 13, 2022July 13, 2022 Paul Davidson, USA TODAY Comments Off on Inflation hits another 40-year high. What does that mean for shoppers and the next Fed rate hike? Inflation touched a new 40-year high last month as gas, food, and rent costs surged. That will likely mean another big Fed rate hike this month.