The Consumer Price Index – a measure of the annual inflation rate – was 8.2% in September, a “hotter-than-expected” rate that was just below the 40-year high of 9.1% set earlier this year, according to the Bureau of Labor Statistics.
But Americans are well aware that the prices of many things upon which they rely have increased at a much higher rate.
Here is a sampling of the breakdown from the Bureau of Labor Statistics:
- 42.9% airline fares
- 33.1% utility gas
- 30.5% eggs
- 18.2% gasoline
- 17.2% chicken
- 15.7% coffee
- 15.2% milk
- 14.7% bread
- 10.1% furniture
- 9.2% vegetables
- 8.2% all items
- 8.2% fruit
- 8.1% ham
- 7.6% women apparel
- 7.2% used cars
- 6.7% rent
- 3.7% men apparel
The BLS recorded a decrease in gasoline prices. But the decision last week by OPEC+ to cut oil production by 2 million barrels a day was meant to raise the price of crude oil.
And even as energy prices fell in September, the cost of services, shelter and transportation were “running hot, forcing consumers to make tough spending decisions through year-end,” wrote John Leer, Morning Consult’s chief economist, on Twitter.
When Biden took office in January 2021, the annual inflation rate was 1.4% and gas was an average of $2.39 a gallon, Now, with an 8.2%, the average price at the pump is $3.91.
Biden, however, claimed in a speech Thursday after the September numbers were released that if Republicans win in November, inflation will get worse.
It’s that simple,” Biden said in remarks in Los Angeles.
Democrats are standing up for working people, he contended.
“We’ve got an election in the month. Voters have to decide,” he said. Democrats are working to bring down the cost of things they talk about around the kitchen table, from prescription drugs, to health insurance, to energy bills and so much more.”
See his remark:
Biden: “If Republicans win, inflation is going to get worse. It’s that simple.” pic.twitter.com/iihpdQ8L1F
— Greg Price (@greg_price11) October 13, 2022
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In September, to combat inflation, the Federal Reserve raised interest rates by 75 basis points. And with higher-than-expected inflation numbers last month, some economists are expecting another hike of at least 75 points at the next meeting, Nov. 1-2, which will only added to monthly expenses for many families.
CNBC’s Rick Santelli, known for his live rant on the floor of the Chicago Mercantile Exchange that inspired the tea party movement, broke down the latest numbers of “Squawk Box.”
#BREAKING: September’s inflation report clocks in at 0.4% higher at 8.2%, double the expectation & highest since June. If you take out food and energy, still up 0.2% to 6.6%.
Rick Santelli: “This is a hot number…This is definitely going to peak the ears of our central bankers” pic.twitter.com/uixO15AFyt
— Curtis Houck (@CurtisHouck) October 13, 2022
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