Inflation remains at a four-decade high

On November 11, 2022, in Consumer Price Index, by David Elrod

The Consumer Price Index (CPI), a key measure of inflation, ticked up 0.4  percent from in October, maintaining its historic year-over-year pace. Over the last 12 months, the index has increased 7.7 percent, the fastest rise in the index since the early 1980s.

Energy prices easily continue to lead the index, rising 17.6 percent year-over-year. Fuel oil alone rose 68.5 percent year-over-year, with gasoline up 17.5 percent, and piped gas service up 20 percent. The energy index as a whole increased 1.8 percent over the month, with the gas and electricity indexes rising and the natural gas index falling.

The food index rose 0.6 percent, with food at home rising 0.4 percent, while the index for all items less food and energy still rose 0.3 percent in October.

Prices for a number of other items were sharply up year-over-year, including margarine up 47.1 percent, eggs up 43 percent, plane tickets up 42.9 percent, health insurance up 20.6 percent, salad dressing up 19.7 percent, motor oil up 19.1 percent, lettuce up 17.7 percent, soups up 17 percent, and pet food up 15 percent.

These items all outpaced chicken, which was up 14.5 percent over the last year. That rise, which is down 2.1 percent from last month and 3.1 percent over two months, is about in line with electricity, potatoes, ice cream, stationery, coffee, and sugar.

The Consumer Price Index can be found here.

 

 

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