CPI: We are on track for the highest inflation in 40 years
The Consumer Price Index rose in September at an 8.2% annual rate, keeping 2022 on track to register the highest inflation rate in four decades. But how does that affect the prices you pay at the supermarket and elsewhere?
Each month, No Labels crunches the data released by the Bureau of Labor Statistics (BLS) on staple products, as well as the latest numbers on rental and mortgage rates.
- While food prices were surprisingly stable last month, most are still registering double-digit increases for the year, far above the 8.2% overall CPI.
- While gas prices averaged $3.88 per gallon at the time of the BLS September snapshot, the AAA average this week is $3.91, and $4.00 per gallon is likely in the near term.
- And mortgage rates have more than doubled in the past 12 months.
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