(The Center Square) – Prices continued to soar in September, newly released federal inflation data shows, as Americans struggle to afford rising food and other consumer prices.
The U.S. Bureau of Labor Statistics released its consumer price index data Thursday, which showed consumer prices rose 0.4% in September, contributing to an 8.2% increase in the previous 12 months.
“Increases in the shelter, food, and medical care indexes were the largest of many contributors to the monthly seasonally adjusted all items increase,” BLS said. “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.”
In recent weeks, the national average gas price for unleaded gas has inched back up, approaching $4 per gallon. If that increase continues, it may lead to notably higher inflation data for October.
“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,” BLS said. “There were some indexes that declined in September, including those for used cars and trucks, apparel, and communication.”
Food prices in particular have soared in the last year.
“The food at home index rose 13.0 percent over the last 12 months,” BLS said. “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).”
This data came after BLS released producer pricing data Wednesday showing the same 0.4% increase for producer prices, more than expected, which is part of an 8.5% increase in the previous 12 months.
“Over a quarter of the September increase in the index for final demand services can be traced to a 6.4-percent advance in prices for traveler accommodation services,” BLS said in its producer price data release. “The indexes for food and alcohol retailing, portfolio management, machinery and vehicle wholesaling, oil and gas well drilling services, and hospital inpatient care also rose. In contrast, prices for long-distance motor carrying fell 0.4 percent.”
These costs are making it hard for Americans to make ends meet and putting extra pressure on small businesses.
As The Center Square previously reported, the National Federation of Independent Business released a survey reporting that 30% of small business owners cited inflation as the single-most important problem in operating their business.
“Inflation and worker shortages continue to be the hardest challenges facing small business owners,” said NFIB Chief Economist Bill Dunkelberg.
“The energy index fell 2.1 percent over the month as the gasoline index declined, but the natural gas and electricity indexes increased.”,,,,,,the gasoline part born of an unconstitutional risky national security presidential theft of our strategic oil reserve to lower gasoline prices BEFORE the elections which Joe knows and intended by design, to spike even higher AFTER the election to punish any and all who defy his mindless policies of dictating and shoving of electric vehicles down the already COVID infected and financially depleted throats of beguiled and deceived Americans. Just why is Diesel which is lower on the refinery chain of production costs now running $1.50/gallon above gasoline? Purely an attack on Ranchers, Farmers, independent small businessmen, and self-governing non-government dependent people who have the ability to defy his crime family and put them away for life. The cost of average people’s food has not risen this fast or this high since when Marie Antoinette was asked about the people unable to afford to eat bread said “Let them eat Cake” Come Democrat election time, it should be “Off with their heads”
ITS a smack down on TRUCKERS.. THe ones who SHIP OUR FOOD and other stuff nationwide…
“These costs are making it hard for Americans to make ends meet and putting extra pressure on small businesses”. In other words, all of the idiots that voted for Joe Biden gave us this gift of evil, the evil of inflation!!!!!!! Isn’t it amazing how brain dead some people in society are??????
I wonder how many now, REGRET their vote against trump?
The Marxist dogs have moved from nipping at our ankles to biting our rear ends. We need more dog catchers for sure before it’s too late.
Every so often, I’ll stop by a McDonald’s store on a Saturday morning where a group of elders (men and women, often age 55 ) in the community (typically smaller town) are sitting at tables and passionately discussing key issues of the day in America. Great perspectives and senses of humor, by the way. Getting air time: inflation and the cost of living.
An example of this discussion? The McDonald’s store in Mount Airy, Maryland, just off I-70 at exit 68, both pre-Covid and present day. Their ranks include businessmen, veterans, farmers, and pillars of the community and “Main Street”. They experienced firsthand the ravages of inflation years before AOC was born. What the ___ is going on with Dem “leadership” and their ethics/policies/behaviors?, some might opine in so many words.
^often age 55 and up.