PIERRE, S.D.(DRGNews)- The annual inflation rate in the US climbed to 9.1% in June 2022, the highest since November of 1981.

South Dakota Bankers Association President Karl Adam says there are a lot of federal stimulus dollars that haven’t been spent yet.

Adam says the United States has seen similar economic conditions before, but Adam says it’s a new experience for many people.

Adam says the current economy creates an uncomfortable feeling for many people.

Adam doesn’t think the Federal Reserve is done raising rates.

The Federal Reserve meets Tuesday and Wednesday of next week (July 26-27, 2022).