Dear friends, can you enlighten me? RE: increase in Prime Rate. [View all]

I cannot understand why the raise in Prime Rate by the FEDS is going to help this economy. By raising the rate, the prices are going to go up everywhere. This will make life more difficult for all of us.

Everything we do will be subject to raised prices. This move will hurt all of us, no matter what our situation.

I don't understand the reasoning, Why is this happening? I heard it will be 6 times in the coming year. I'm sick to death about this. As a senior on limited income, things are tough enough now.
There are other factors that effect my thoughts but I'd love to know how this particular move is supposed to help those of us who have to struggle to put food on the table...and everything else.
Since you are experts, is there a simple way to explain this?