ELMIRA, N.Y. (WETM) – The Federal Reserve increased the interest rates once again, and residents in the Twin Tiers are not happy.

On Wednesday, the Federal Reserve raised its short-term rate by three quarters of a percentage point for a second straight month. This is in hopes of curbing record-high inflation later this year.

Gas prices and other commodity costs, such as corn, wheat and copper, are on a slow decrease. The average price for a gallon of gas in the United States was $4.89 a month ago. Now, with the fight for lower inflation, the average price sits at $4.27 a gallon.

Despite this relief, some Twin Tiers residents express concern over the perpetual increase in interest rates. Residents say the rate hike creates more problems for the cost of living.

“The majority of corporations make money off of other people and they make money off the interest rates,” said Elmira resident Ethan Paciorek. “They make money off the taxes, and it all feeds back to them in the end. It’s basically the poor people paying to live and the rich people paying to get more rich.”

Pressing issues for the homeless have also been mentioned by residents. With the rate hike, obtaining food stamps to last a whole month may become even harder.