(WTNH) — It’s going to get even more expensive to borrow money, as the Federal Reserve announced it will once again hike interest rates.

We’re Stretching Your Dollar with what it means for your wallet.

It’s the 10th-straight interest rate hike by the Federal Reserve. The Central Bank once again announced rates will rise by one quarter of a percentage point.

The Federal Reserve is continuing to try to cool inflation while also considering impacts of the debt limit debate — recent bank failures. Those failures could help in the inflation battle as banks tighten credit and become more selective about who they lend to.

For consumers, this means it will be even more expensive to borrow money for a business or to buy a house or car. Credit card interest rates — already at a record high of over 20% — will likely keep climbing.

“Definitely have made some adjustments to make it work,” Chicago resident Manal Farhan said.

Families across the country are waiting for prices to start falling more rapidly.

“The most I am in tap with inflation is based on the price of groceries,” Chicago resident Anna Madsen said. “So, I’ve definitely noticed that there is a steep rise a little bit a while ago, but I’ve honestly even noticed the prices going down a little bit recently with certain items.”

While prices are starting to come down, groceries are still nearly 8.5% higher from a year ago. A number of breakfast staples — from coffee to eggs — is still up double digits. The typical American household is spending $313 more per month on the same goods and services as last year.

The Fed’s decision is helpful to those with high yield savings accounts, bonds, or CDs. Right now, the average return on your money is around 4%, while some accounts pay even more.