November 10, 2022
Inflation came *down* in the month of October.
Don’t get it twisted. It’s still high and yeah, I’m sure your wallet is still feeling the inflation but it’s definitely down from September.
According to the new government report, the cost of all the things we buy, eat and use was 7.7% higher than it was in October of 2021.
So yes, that’s up over last year. But it’s actually down compared to September of 2022 when all the things we bought, ate and used was at 8.2%. And down a lot from the June high when it was 9.1%.
Now here’s why you’re still feeling it – because shelter, gas and food were all up in October. Literally, all the things we use or need every day.
So what’s causing the decline between September and October? Decreases in the cost of used cars and trucks, medical care, apparel and airline fares.
Now, this report will impact the federal reserve’s decision about interest rates when they meet next month. They will likely still raise rates again but because the inflation number is starting to come down, it may not be another so-called “jumbo” increase, it may only be a half percent increase.
Read the Bureau of Labor Statistics Consumer Price Index report here.
