As the economy floundered in 2022 — with gas prices soaring, inflation spiking and interest rates on the rise — talk of a recession continued throughout the year.
Whether or not we were actually in a recession depends on who you talk to. And with that said, the conditions are still ripe for a possible recession moving into 2023.
After peaking in the summer, inflation has slowly dropped to 7.7% in the month of October. The average price of gas is pushing $4 per gallon, and a 30-year fixed mortgage rate is over 7% — about 4 percentage points higher
