Inflation accelerates in September: CPI

On October 14, 2022, in Economics, by Tom

Consumer prices, excluding food and energy costs, jumped 6.6% in September from a year ago — the fastest such pace in four decades, according to September’s Consumer Price Index (CPI). And on a month-to-month basis, core prices soared 0.6% for a second straight time.

Overall prices rose 8.2% in September compared with a year earlier, down slightly from August, But from August to September, prices increased 0.4%, faster than the July-to-August increase.

Supermarket prices rose another 0.7% last month, driven by increases in nearly every category, and food costs are now up 13% over the past year. The meat index rose 0.7%, driven by a 1.8% increase in pork prices and a 0.6% rise in poultry prices. Beef prices remained relatively stable, declining 0.1% in September. Egg prices, which have jumped 30.5% over the past 12 months, fell 3.5% last month.

 

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