October 13, 2022
We need to talk about the inflation report that was released today for September.
Everything we buy, eat, and use is 8.2% more expensive in 2022 than it was in September of 2021. Now, that’s slightly down from august but it’s likely not enough to convince the federal reserve to ease off on increasing interest rates. I’ll get to that in a second.
According to the consumer price index
The cost of food – up more than 11.2% from September of 2021.
The cost of shelter including rent – up 6.6% from September of 2021.
Health insurance – up 28.2% over September 2021
New and used cars – up 9.4% and more than 7.2%
Clothes – up 5.5%.
I mean – you can just go down the list and almost all of it is more expensive in 2022 than it was in 2021.
The slight silver lining in September’s report was some of those increases were offset by 4.9% decline in gas prices. It’s still high, but it’s down from august. Though, as I told you in this video last week, that number may jump back up now that OPEC+ has decided to cut oil production by 2 million barrels a day.
All this goes into the Federal Reserve’s decision on interest rates. These numbers month after month show them the interest rate increases they’ve made so far haven’t been enough to get inflation down. So they’ll likely hit you, me and businesses with another jumbo interest rate increase when they meet in early November.
Read the Consumer Price Index report for September here.
