Inflation Accelerated in September as Consumer Prices Rose 5.4% Compared to Last Year
How do you feel about the rise in consumer prices?
What’s the story?
- The Bureau of Labor Statistics (BLS) on Wednesday reported that the all items consumer price index (CPI) rose by 5.4% over the last 12 months through September, which tied June and July for the largest 12-month inflation total since a 5.4% increase in the period ending in August 2008.
- Month-to-month consumer prices rose by 0.4% in September on a seasonally adjusted basis. That’s slightly faster than the 0.3% increase in August but lower than the increases of 0.5% in July, 0.9% in June (which was the largest monthly jump since a 1% spike in June 2008), and 0.6% in May.
What goods did prices increase the most for?
- Here’s a rundown of the common items which have seen the largest increase in inflation year-over-year (notable monthly changes in parentheses):
- Fuel oil increased 42.6% over the last 12 months, including a 3.9% increase from August to September.
- Gasoline prices of all kinds increased by 42.1% over the last 12 months.
- Used cars and trucks increased 24.4% over the last 12 months, although they declined by 3.7% from August to September.
- Beef steaks increased 22.1%.
- Utility gas service (piped) increased 20.6% over the last 12 months.
- Lodging away from home increased 17.5%.
- Bacon increased 19.3%.
- Televisions increased 12.7%.
- Eggs increased 12.6%.
- Boys’ and girls’ footwear increased 11.9%.
- Furniture and bedding increased 11.2%.
- Fresh fish and seafood increased 10.7%.
- Women’s dresses increased 9.5%.
- Moving, storage, and freight expense increased 9.4%.
- New vehicles increased 8.7%.
- Breakfast sausage increased 7.9%.
- Apples increased 7.8%.
- Chicken increased 7.6%.
- Men’s pants and shorts increased 7%.
- Peanut butter increased 6.2%.
- Electricity increased 5.2%.
What is inflation and how is it measured?
- Inflation is a measure of the decline of purchasing power for a given currency over time, which in the U.S. means that a dollar effectively buys less than it did in prior periods because prices rise.
- The most common way inflation is measured is through the Consumer Price Index for Urban Consumers (CPI-U), which shows changes in prices paid for a “representative basket of goods and services” by an urban consumer group representing about 93% of the U.S. population.
- CPI-U includes food, energy, commodities like cars and clothes, plus services such as rent and healthcare; and the relative importance of each to the overall basket shifts according to its proportion of all spending in a given month. This overall number is known as “headline” CPI, although economists also track a metric called “core” CPI which excludes food and energy because those categories tend to have more volatility.
- The Federal Reserve aims to keep inflation at about 2% as part of its dual mandate of promoting stable prices and full employment, as a modest amount of inflation is viewed as an optimum policy in terms of encouraging consumer spending without penalizing savings and investment. When inflation starts to get out of control, the Fed raises interest rates to encourage more savings and less consumer spending.
— Eric Revell
(Photo Credit: iStock.com / sefa ozel)
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Much of these price increases would have been avoided if President Biden, the Congress, and Federal Administration would have maintained President Trump and previous administration's focus on maintaining a strong USA economy. Anyone with knowledge of economics, finances, and business knows that if you increase costs (raise taxes, more rules for businesses, increase transportation) plus decrease availability of inputs and workers (importing oil and items vs producing local, plus transferring funds from those who work to those who choose to not work) will make costs go up for everyone - including all low income people.
We knew it was coming. 80 million people voted for it. I still do not have to like it
The result of Biden policies
How do you think the American people feel about price is going up. I think we like it? Who do you think caused it? Could it be our government? Joe Biden is the person we think put us in this position. But we really don’t know who’s running the country? Do we, Joe Biden his first day as president shut down our oil pipeline. That’s the reason why gas is up. Our borders are a disaster because of Joe Biden. The trouble in Afghanistan was done by Joe Biden. The ships that are not being taken care of in empty. Which caused by Joe Biden. The fact that we do not have truck drivers is because of Joe Biden. We’re going to have a shortage of gas . Caused by Joe Biden now he’s begging OPEC to pump more oil. To make ass caused by Joe Biden. Yet when Joe Biden gets on television. The very first thing he does is blame President Donald Trump. Joe Biden‘s decisions changed everything that Trump had set up to protect our country. Not be dependent upon oil from other countries, like Russia. Barack Obama shut down in Florida Cape Canaveral where we were sending our astronauts to the space station. He put all those people out of work. Said it cost too much money. But we paid millions of dollars to Russia for Russia to send our astronauts to the space station.? It seems to me that the Democratic Party who claims they care about the American people, And people of color. Are not telling the truth. They are not working for America.
If income were tied to it inflation would bother me less. The 5-6% cost of living increase now is going to be almost matched by an increase in social security, but that will not cover the 30+% increase in heating costs this winter. We are going to see retired people die because of this.
Freethinker: on waiting for climate consensus before accepting the reality is like having a bunch of friends your caravanning with and finding out the road leads over a cliff. Everybody keeps driving over the edge with their friends. Nobody has turned away from the cliff yet. What are you going to do, follow the leader or move in a different direction? Once enough solar generators, tidal generators and wind generators are put in place, the coal burning stations will phaseout. I don’t know if you heard that Japan is going to start flushing the nuclear waste water from destroyed Fukushima nuclear power plant into the Pacific Ocean this week. How would you propose cleaning up an ocean full of nuclear waste? Do you think any other future nuclear power plants might ever suffer from a catastrophe? Or could we turn away from nuclear disaster before it occurs? Freethinker, turn or keep charging straight ahead?
I feel badly for low income families, I'm sure it effects them much more than the middle and upper cast, but I also feel this inflation is transient and will work its way through the economy as soon as we get the covid virus under control! Anti vaxers need to get the shot, they are the reasons that the economy is not coming back as it should - BELIEVE THE SCIENCE!!!
Congress manipulates the stock markets, Thats one reason Pelosi's net worth is $1/2 Billion.
This entire price index rise and the loss of our ability to be independent from OPEC is directly related to Biden's actions on pipelines and drilling on government lands, now he is pleading with OPEC on bended knee to increase production and guess what, OPEC told him to get lost. Now, that is what I called what goes around, comes around.
We’re recovering from a pandemic and have an excess of jobs. Inflation is expected because corporations are greedy
LOIS FRANKEL, here is a great indication of how the Democrats policies are BAD for America! Stop your overspending, high taxes, and heavy government regulations, open borders, etc. if not, you will lose badly!
I think, given the broad effects of the pandemic, including on supply lines, price rises were predictable as goods, parts, and raw materials became less available. Playing another part is reduced available personnel in ports and transportation. Personally, I expect the effects to continue.
I know that 5.4% is a low-ball figure. My gas prices have more than doubled. My grocery bill has jumped dramatically. As for home maintenance and improvement, who can afford lumber? This administration is destroying the economy, and it's the American poor and middle class that the Democrats are hurting.
Let's print up another few trillion to fix it.
It sucks but hopefully will get better? I just hope my pay gets better too.
This economy is in trouble. Record high spending and deficits, millions of workers out of the workforce, supply chain issues, and high inflation. Things are going to start getting worse if our elected officials can’t work together.
Congratulations Congress, with the 5.9% COLA I will now receive what I made working in 1981. Can you get prices to the 1981 costs?
Everything that Joe Biden has done to our country since the first day he became president. He shut down our oil pipeline. A natural gas. Every decision that Joe Biden has me in 10 months of his presidency has been a disaster to the American people. What he did in Afghanistan what’s the worst thing I’ve ever seen. He is opened up our southern borders and we have millions of people coming across we don’t know who they are. And he is going to give them everything. What he’s hoping for is Democratic voters. He literally is taking everything away from us. With his mandates. He’s taking away our freedom of choice , he is totally going against our Constitution. The man can barely speak. He has to read everything. And he cannot answer questions. Orders from Nancy Pelosi. I never thought for one minute that we would ever hear the dumbest president in history in the White House. And a vice president who didn’t get enough votes when she was running for present. And had to drop out. She is definitely not any good for America. Especially when she was raising money for people who are breaking the law and burning buildings down and killing people during the writing to get them out of jail. Is that the type of vice president you want an office. I country is definitely changing. When people can go into the stores and rob them whatever they want and nothing is done people just videotape them robbing things. So breaking the law is now become legal Country. And the left news media never tells the truth. Because I listen to them too. When people join the military that includes our generals the people in charge of our military they they say they will protect our constitution. That is what I expect them to do. What do we want for our children. We do not want them living in a communist socialist government that Bernie Sanders wants. How he has been in Washington for so long I cannot understand ,People need to think about who and what they are voting for. What do you think is the worst. Turned out to give us the most. Who you think is the best is taking it away. I pray every day for America. Joe Biden will make many mandates to take away our freedoms even more.
As a senior on a fixed income, it is hard to find any advantages to the Biden administration. During the previous administration, we were able to drive to visit family, plant a garden, & buy food that was good for us.