October 12, 2023
Inflation went up again in September.
What?
Yeah…that’s according to today’s brand new Consumer Price Index report.
Between August and September inflation increase by 0.4% but it increased 3.7% between September of this year and September of last year.
So what’s causing it this time???
Ok – give it to me…what am I spending more on?
The new report says the item that was responsible for more than half of this increase was…
Shelter.
That increased 0.6% between August and September but increased a whopping 7.2% over September of 2022.
Gas prices were again another big factor — increasing 2.1% between August and September and 3% between September 2022 and September 2023.
Overall – food was up slightly between August and September (+0.2%) and was up 3.7% over 2022. But what got really expensive was what’s called food away from home – so like going out to restaurants – that was up month over month (+0.4%) but it’s up 6% over 2022.
With all those big things going up – is there anything that’s going down?
Yeah –used cars and truck prices decreased -2.5% between August and September and also went down 8% since September of 2022.
Gas for your home – was down month over month (-1.9%) but it’s down -19.9% since last year.
Eggs were down -14.5% (month-over-month -2.5%) from September of 2022.
Health insurance was down 37.3% (month-over-month-3.5%) from September 2022.
And airfare was also down -13.4% since last year.
Now – as I always remind you – this report – these numbers – factor into whether or not the Federal Reserve will raise interest rates. The Fed will be meeting at the end of this month to make that decision.
Read September’s Consumer Price Index Report here.
