PIERRE, S.D.(WNAX)- With inflation now running at over nine percent, the Federal Reserve Board is considering another substantial jump in interest rates later this month.

Curt Everson of Pierre is a member of the State Council of Economic Advisors and says this level of inflation is a new experience for many people.

Everson says the interest rate hikes are designed to slow down the economy.

Everson says it will take some time for the rate of inflation to fall back.

The Federal Reserve raised rates three quarters of a point last month and there is some speculation that they may raise the rates a full point later this month.