Inflation Rose More than Experts Expected in September
(LibertySons.org) – Anyone who buys anything knows prices are through the roof and not getting any better. Grocery shopping, for one, is a strain for many Americans trying to stretch their budgets in the current economic downturn. The latest government reports on the state of inflation are not showing signs that relief is forthcoming.
On October 12, The US Bureau of Labor Statistics (BLS) announced the latest Producer Price Index (PPI). The report is for wholesale pricing or the cost of goods before they get to consumers. For September, the index was up 0.4% from the 0.1% decrease seen in August, representing the highest increase since May. The annualized jump was 8.5%. Economists projected the PPI would rise by 0.3% or 8.3% annually.
The producer price index, which measures inflation at the wholesale level before it reaches consumers, remains at a multi-decade high, the Labor Department said on Wednesday. https://t.co/pmL9iKRT1o
— News Pug (@news_pug) October 12, 2022
The next day, the BLS reported that the All Urban Consumers Price Index (CPI-U) rose 0.4%, as well. This number shows changes in how much people pay for goods and services. According to the experts, the CPI-U increase was largely due to the rising costs of food, healthcare, and shelter.
The latest numbers don’t seem to show inflation cooling, even as the Fed continues to try and slow down the economy by raising interest rates. Could October be the month the economy starts to calm, or are high prices here to stay for a while?
~Here’s to Our Liberty!
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