Thank you to CO–U.S. Chamber of Commerce for providing the content on
New! Inflation Data and Economic Slide Deck
As released yesterday, inflation rose in September by 0.4% from August and is up 8.2% on an annual basis.
Why it matters: We are far from the Fed’s 2% target rate of inflation. The persistence of core inflation will be troubling to the central bank.
By the numbers: Price increases of necessities are putting enormous pressure on family budgets:
• Food prices were up 0.8% from August to September and 11.2% annually.
• Gas prices were down 4.9% from August to September but are still up 18.2% from a year ago.
• Electricity was up 0.4% on the month and 15.5% annually.
• Housing costs were up 0.7% from August to September and are up 6.6% annually.
• New car prices rose 0.7% from July and are up 9.4% annually.
• Used car prices fell 1.1% but are up 7.2% annually.
Bottom line: The stubborn persistence of monthly inflation makes any call of “peak inflation” premature. Look for the Fed to continue raising interest rates.
Learn more: U.S. Chamber of Commerce Chief Economist Curtis Dubay released a new slide deck for October with the latest inflation data that can be viewed here
|
To continue reading, please visit here.
CO–by the U.S. Chamber of Commerce.
