October 15, 2022
The U.S. Bureau of Labor Statistics said that inflation was a little higher than anticipated in September, with monthly increases driven mostly by housing, food, and medical care.
The rate at which consumer prices for a variety of products and services are increasing is measured by inflation.
A crucial indicator of inflation, the consumer price index, increased by 8.2% in September compared to the same month last year. The annual growth was projected to be 8.1% by economists. In other words, a basket of items that cost $100 a year ago now costs $108.20.
The good news is that September’s yearly increase was lower than August’s 8.3% increase. The downside, according to Yiming Ma, an assistant professor of business at Columbia Business School, is that inflation is still strong across several consumer categories.
In recent months, one of the major contributors to inflation has been rising food prices.
The “food at home” index, which measures grocery prices, increased 13% in September compared to the same month last year. The greatest 12-month gain in more than 40 years, since March 1979, was 13.5% in August.
The cost of some commodities in that category has increased significantly over the previous 12 months, including butter and margarine (up 32.2%), eggs (30.5%), and flour (up 24.2%).
Source: CNBC
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