News The Balance Today: News You Need To Know on Dec. 27, 2022 2022’s Impact on Our Wallets By Kristin Myers Published on December 27, 2022 Photo: Extreme-Photographer / Getty Images Looking Back on 2022 This was supposed to be the year everything got back to normal. Instead, our financial lives entered strange new territory. This week, we’ll be doing something a little different. Instead of bringing you the latest money news of the day, we’re going to be taking a look back at how 2022 changed our finances. Think of it sort of like a Spotify Wrapped but for your money—all the greatest wins and losses for the economy and how they affected your money over the year. Western sanctions against Russia for its invasion of Ukraine caused quite a chain reaction for us here in the U.S. Gas prices soared and overall inflation rose with them, making things more expensive at the gas pump, grocery store, and beyond for all of us. The Federal Reserve raised interest rates aggressively in an attempt to clamp down on higher inflation, which made borrowing money via credit cards, car loans, and mortgages more unaffordable for everyone. However, there were still some economic wins in 2022. The economy recovered all the jobs lost when COVID-19 hit in 2020 at the fastest pace seen in over 40 years, and employers continued to hire. Shoppers even continued to ramp up spending, undaunted by higher prices for life’s necessities. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. AAA. "Gas Prices." Bureau of Labor Statistics. "Consumer Price Index Summary."