US Consumer Borrowing Hits New High Amid Ongoing Price Hikes

Consumer borrowing in the US has increased for the third consecutive month, according to new data from the Federal Reserve. The rise is largely attributed to non-revolving debt such as auto and student loans.

The latest figures show a jump in consumer credit, following a 3.4% increase in June. In July, borrowing rose at an annual rate of 4.2%. This trend comes as many households continue to deal with higher prices and borrowing costs.

Economists point out that consumer credit levels can provide insight into how confident Americans feel about spending. The recent data adds pressure on the Federal Reserve to increase interest rates next week.