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Inflation Causing Hardship for 45% of U.S. Households

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  • #16
    Bureau of Labor Statistics
    Economic News Release
    Consumer Price Index

    Economic News Release
    CPI CPI Program Links


    Consumer Price Index Summary

    Transmission of material in this release is embargoed until
    8:30 a.m. (ET) Thursday, October 13, 2022 USDL-22-1990

    Technical information: (202) 691-7000 * cpi_info@bls.gov * www.bls.gov/cpi
    Media contact: (202) 691-5902 * PressOffice@bls.gov

    CONSUMER PRICE INDEX - SEPTEMBER 2022

    The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in September on a
    seasonally adjusted basis after rising 0.1 percent in August, the U.S. Bureau of Labor Statistics
    reported today. Over the last 12 months, the all items index increased 8.2 percent before seasonal
    adjustment.


    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 index for all items less food and energy rose 0.6 percent in September, as it did in August. The
    indexes for shelter, medical care, motor vehicle insurance, new vehicles, household furnishings and
    operations, and education were among those that increased over the month. There were some indexes
    that declined in September, including those for used cars and trucks, apparel, and communication.

    The all items index increased 8.2 percent for the 12 months ending September, a slightly smaller
    figure than the 8.3-percent increase for the period ending August. The all items less food and
    energy index rose 6.6 percent over the last 12 months. The energy index increased 19.8 percent for
    the 12 months ending September, a smaller increase than the 23.8-percent increase for the period
    ending August. The food index increased 11.2 percent over the last year.

    ...
    "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
    -Nelson Mandela

    Comment


    • #17

      shadowstats.com




      shadowstats.com
      _____________________________________________

      Ask Congress to Investigate COVID Origins and Government Response to Pandemic.

      i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed

      "...there’s an obvious contest that’s happening between different sectors of the colonial ruling class in this country. And they would, if they could, lump us into their beef, their struggle." ---- Omali Yeshitela, African People’s Socialist Party

      (My posts are not intended as advice or professional assessments of any kind.)
      Never forget Excalibur.

      Comment


      • #18
        Personally, grocery items I used to buy in 2021 have increased much more than the often quoted 8-10% range. It seems more like the shadow stats type of range.

        Comment


        • Emily
          Emily commented
          Editing a comment
          Same for me. I'd say 25-50% for food items. Seems that way when we check out.

      • #19
        Diesel supply dwindles, with few ways to boost it. How this affects the economy and you.

        Medora Lee
        USA TODAY
        ...
        Prices at the pump are in focus again, but this time, it’s the other pump – the diesel fuel pump...
        ...
        Diesel is the main fuel used to power trucks, rails and vessels that transport all sorts of things from food to home goods to holiday gifts across the country. So, if diesel prices soar, there’s a good chance the price of all those items will, too.

        “The public are apoplectic when gas rises, but diesel has incredible impacts to inflation in the form of freight costs and surcharges,” Tom Kloza, Opis global head of energy analysis, said.
        ...
        "Supply is constrained partly because Russian imports into the U.S. are banned but also because U.S. refining capacity has fallen over the past few years,” Andrew Hunter, Capital Economics senior economist, said.

        U.S. inventory stood at 106.2 million barrels of distillate, which include heating oil and diesel fuel, in the week ended Oct. 14, the Energy Information Administration (EIA) said. That’s about 20% below the five-year average and equates to about a 26-day supply.

        Because diesel fuel is similar to heating oil, demand’s about to rise due to home heating this winter. “This is concerning,” said Patrick De Haan, head of petroleum analysis oil and refined products analyst at GasBuddy.com.

        “Between now and the end of November, if we don't build inventories, the wolf will be at the door,” Kloza said. “And it will look like a big ugly wolf if it’s a cold winter.”
        ...
        “There's a real threat something in the energy chain will go parabolic, and I think generally, the worry is that something that goes parabolic is diesel and heating oil,” he said
        ...
        What can consumers expect if diesel prices continue to rise?

        Soaring heating bills. Diesel isn’t as front and center as gasoline, but people “will be reacting to it soon,” Kloza said. “Those bills are in the mail.”

        He estimates some northeast home heating bills will run into the thousands of dollars. “I would buy sweaters,” he said.
        ...
        Diesel and heating oil supply's low, which could keep inflation high and push up heating bills this winter. Some say only a recession can dent prices.
        "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
        -Nelson Mandela

        Comment


        • #20

          Published October 31, 2022 8:30am EDT

          Skyrocketing heating oil prices will leave some choosing between food, fuel and heat, Maine resident warns
          ...
          Taylor PenleyBy Taylor Penley | Fox News
          ...
          Falling temperatures are forcing Americans to look for ways to keep their homes warm while staying on top of other necessities, a Maine resident warned on Monday.

          "A lot of us are asking the question, with these fuel prices right now, are we going to be able to fill our tanks? The other question is, what are we going to do for food?" Sherri Bukovskey told Carley Shimkus on "Fox & Friends First."
          ...
          "I have had a few acquaintances tell me that they are choosing… food over medications, so all these inflated prices, it's definitely affecting us," she added.

          Bukovskey said, on top of the costs of grocery shopping and filling up her tank to travel to and from work, the housing crisis has stricken her family and forced her adult daughter to return home

          "[It] has hit us pretty hard up here in Maine. There are a lot of people without homes right now, and a lot of people are not able to afford the increases in the rent," she said.
          ...


          "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
          -Nelson Mandela

          Comment


          • #21
            PERSONAL FINANCE

            Here’s what the Federal Reserve’s fourth 0.75 percentage point interest rate hike means for you

            PUBLISHED WED, NOV 2 20222:00 PM EDT
            ...
            The Federal Reserve raised the target federal funds rate by 0.75 percentage point for the fourth time in a row on Wednesday, marking an unprecedented pace of rate hikes.

            The U.S. central bank has raised the benchmark short-term borrowing rate a total of six times this year, including 75 basis point increases in June, July and September, in an effort to cool down inflation, which is still near 40-year highs and causing most consumers to feel increasingly cash strapped.
            ...
            By raising rates, the Fed makes it costlier to take out a loan, causing people to borrow and spend less, effectively pumping the brakes on the economy and slowing down the pace of price increases.

            “Unfortunately, the economy will slow much faster than inflation, so we’ll feel the pain well before we see any gain,” said Greg McBride, Bankrate.com’s chief financial analyst.

            Already, “mortgage rates have rocketed to 16-year highs, home equity lines of credit are the highest in 14 years, and car loan rates are at 11-year highs,” he said.
            ...
            Already credit card rates are near 19%, up from 16.34% in March. “That’s the highest since the Fed began tracking in 1994...

            "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
            -Nelson Mandela

            Comment


            • #22
              zerohedge@zerohedge

              Personal Savings vs Credit Card Debt



              10:06 AM · Nov 21, 2022
              ·TweetDeck

              "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
              -Nelson Mandela

              Comment


              • #23
                Steep drop in wealth of US middle class since beginning of Ukraine war hasn't been seen since 2008 financial crisis

                _____________________________________________

                Ask Congress to Investigate COVID Origins and Government Response to Pandemic.

                i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed

                "...there’s an obvious contest that’s happening between different sectors of the colonial ruling class in this country. And they would, if they could, lump us into their beef, their struggle." ---- Omali Yeshitela, African People’s Socialist Party

                (My posts are not intended as advice or professional assessments of any kind.)
                Never forget Excalibur.

                Comment


                • #24

                  Mikael Sarwe
                  @MikaelSarwe

                  I have in my 30 years as an economist, strategist and portfolio manager NEVER seen any monetary tightening like this. Welcome to 2023...
                  ترجمة التغريدة

                  ١٠:٠٠ ص · ٢٢ ديسمبر ٢٠٢






                  Olumide Adesina @TokunboAdesina

                  ٢٢ ديسمبر ٢٠٢٢

                  ردًا على@MikaelSarwe

                  The fear of the Fed, markets are melting like ice in the sun





                  Angie G @MomAngtrades

                  ٢٢ ديسمبر ٢٠٢٢

                  ردًا على@MikaelSarwe
                  و@jessefelder

                  Add in no more cheap money, and timber


                  Show replies



                  m_kxxl
                  @m_kxxla
                  ·
                  ٢٢ ديسمبر ٢٠٢٢

                  ردًا على@MikaelSarwe


                  When they've printed enough to create two digit inflation and continues to print as if their end goal is hyperinflation, monetary tightening/rates should be way higher... What they've done is a global disaster.



















                  _____________________________________________

                  Ask Congress to Investigate COVID Origins and Government Response to Pandemic.

                  i love myself. the quietest. simplest. most powerful. revolution ever. ---- nayyirah waheed

                  "...there’s an obvious contest that’s happening between different sectors of the colonial ruling class in this country. And they would, if they could, lump us into their beef, their struggle." ---- Omali Yeshitela, African People’s Socialist Party

                  (My posts are not intended as advice or professional assessments of any kind.)
                  Never forget Excalibur.

                  Comment


                  • #25
                    The Kobeissi Letter@KobeissiLetter

                    The U.S. Now Has:

                    1. Record $16.5 trillion in household debt

                    2. Record $11.9 trillion in mortgages

                    3. Record $1.6 trillion in auto loans

                    4. Record $986 billion in credit card debt

                    Total mortgage debt is now more than double the 2006 peak.

                    Meanwhile, 36% of Americans have more credit card debt than savings with balances rising at the fastest pace since 1999.

                    This is all while mortgage rates just hit 7.1% and credit card debt rates hit a record 24.9%.

                    We are "fighting" inflation with debt.

                    This can't end well.



                    9:51 AM · Mar 5, 2023
                    ·
                    "Safety and security don't just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear."
                    -Nelson Mandela

                    Comment

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