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Inflation, which is at a 40-year-high, has increased the price eggs, electricity and rent. Well, there’s now another way it’ll cost you: losing some of the big lottery payout.
The Powerball jackpot is up to $1 billion for Monday’s drawing, the largest this year and the fifth-second ever. And the jackpot lump-sum payout option, which lottery officials say is what most people select, is now $497 million. But, less than two months ago, the payout would have been tens of millions of dollars higher.
Keep in mind the odds of winning are 1 in 292 million.
The change, Michigan lottery officials said Tuesday, is mostly a result of rising interest rates, which the Fed is using to try to lower inflation.
