The cost of living may have just gotten a little tougher.

For the first time since 2023, the Federal Reserve raised its benchmark interest rate to combat high inflation.

The quarter-point increase lifts the key rate to about 3.9%, which could result in higher costs for people getting a mortgage to buy a home, taking out a loan for a car and paying off credit cards.

The decision comes as gas prices across the nation soared again.

The national average today is $4.44, a seven-cent increase overnight.

Long Island's average is higher than that at $4.46, which is up 11 cents compared to this time last week, up 43 cents from this time last month and up $1.25 from this time last year.

In a shocking move, Costco announced it raised the price of its Kirkland motor oil. The decision nearly doubled the price from $30 to now around $58 for a 5-quart two-pack of full-synthetic motor oil.

The retail giant is also limiting customers to just two boxes a week, placing a limit on the product as people deal with the high cost of oil, gas, groceries and more.