By June 2022, the U.S. inflation rate had climbed to 9.1% — a level not seen since 1981. The causes were multiple and interconnected: pandemic-era supply chain disruptions, massive government stimulus spending, and the global energy shock triggered by Russia's invasion of Ukraine.
The impact was felt everywhere. Gas prices hit record highs. Grocery bills spiked. Rent increased sharply across major cities. For working families, the numbers behind the headlines were a daily reality.
The Fed's Response
The Federal Reserve embarked on its most aggressive interest rate hiking campaign in decades, raising rates 11 times between 2022 and 2023. The goal was to cool demand and bring inflation down — which it did, though slowly and painfully for many borrowers.
Tampa's Experience
Tampa was among the cities hardest hit by rent increases, with some neighborhoods seeing double-digit percentage jumps. The cost of living conversation became central to local politics and business.
Times were tight for a lot of people. At Fuego, we did our best to keep our prices fair while maintaining the quality our guests expect. Community matters most when things are hard.