Now if I didn’t have to pay for fuel to drive/heat/cook etc, or buy food to eat . . .
In September, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 8.2 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.6 percent in September (SA); up 6.6 percent over the year (NSA).
Real average hourly earnings for all employees decreased 0.1 percent from August to September, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.3 percent in average hourly earnings combined with an increase of 0.4 percent in the Consumer Price Index for All Urban Consumers (CPI-U).
Inflation clocked in worse than expected at 8.2% for the 12 months ending in September, according to the consumer price index, bad news for the country’s economic health.
The much-anticipated numbers reported by the Bureau of Labor Statistics on Thursday revealed that while it ticked down by one-tenth of a percentage point, inflation is still higher than anticipated and defying the Federal Reserve’s aggressive interest rate hikes.
Worse, “core inflation,” which strips out volatile food and energy prices, rose sharply in September. On an annual basis, it rose to a whopping 6.6%, the highest since 1982.
Stocks immediately took a hit upon the news breaking. Futures of the Dow Jones Industrial Average were down some 500 points just minutes after the report’s release. The S&P 500 was off by about 2%, and the tech-heavy Nasdaq plunged nearly 3%.
The Thursday morning report is the last such CPI reading before the midterm elections next month and has major implications for Democrats hoping to retain control of Congress. The soaring inflation has eaten into President Joe Biden’s approval ratings.
More from the Bureau of Labor Statistics:
Increases in the shelter, food, and medical care indexes were the largest of many contributors to the monthly seasonally adjusted all items increase. These increases were partly offset by a 4.9-percent decline in the gasoline index. The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent. The energy index fell 2.1 percent over the month as the gasoline index declined, but the natural gas and electricity indexes increased.
The food index increased 0.8 percent in September, the same increase as August. The food at home index rose 0.7 percent in September as all six major grocery store food group indexes increased. The index for fruits and vegetables rose 1.6 percent, while the index for cereals and bakery products rose 0.9 percent over the month. The index for other food at home increased 0.5 percent in September, after rising 1.1 percent in August. The index for meats, poultry, fish, and eggs rose 0.4 percent over the month while the index for nonalcoholic beverages increased 0.6 percent in September. The
dairy and related products index rose 0.3 percent in September, the same increase as the previous month.
The food away from home index rose 0.9 percent in September, as it did in August. The index for full service meals increased 0.4 percent and the index for limited service meals increased 0.6 percent over the month. The food at employee sites and schools index rose 44.9 percent in September, reflecting the expiration of some free school lunch programs.
The food at home index rose 13.0 percent over the last 12 months. The index for cereals and bakery products increased 16.2 percent over the year and the index for dairy and related products rose 15.9 percent. The remaining major grocery store food groups posted increases ranging from 9.0 percent (meats, poultry, fish, and eggs) to 15.7 percent (other food at home).
The index for food away from home rose 8.5 percent over the last year. The index for full service meals rose 8.8 percent over the last 12 months, and the index for limited service meals rose 7.1 percent over the same period.