Posted on Dec 12, 2023
Inflation continues to moderate thanks to a big drop in gas prices
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https://www.npr.org/2023/12/12/ [login to see] /economy-inflation-consumer-prices-interest-rates-federal-reserve-recession
Falling gasoline prices helped keep a lid on inflation last month.
Consumer prices rose 3.1% in November from a year ago, according to data from the Labor Department on Tuesday. Price hikes have moderated significantly after hitting a four-decade high last year.
A big reason for that is cooling gas prices, which dropped by 6% last month, helping to offset the rising cost of rent, medical care, and car insurance.
Overall prices rose just 0.1% between October and November. Grocery inflation also moderated, as food prices rose more slowly in November than the month before.
The inflation scorecard comes just as the Federal Reserve begins its last policy meeting of the year.
Falling gasoline prices helped keep a lid on inflation last month.
Consumer prices rose 3.1% in November from a year ago, according to data from the Labor Department on Tuesday. Price hikes have moderated significantly after hitting a four-decade high last year.
A big reason for that is cooling gas prices, which dropped by 6% last month, helping to offset the rising cost of rent, medical care, and car insurance.
Overall prices rose just 0.1% between October and November. Grocery inflation also moderated, as food prices rose more slowly in November than the month before.
The inflation scorecard comes just as the Federal Reserve begins its last policy meeting of the year.
Inflation continues to moderate thanks to a big drop in gas prices
Posted from npr.org
Economics
Oil
Oil and Energy
Posted 5 mo ago
Responses: 4
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Many people still can’t afford food because of high gas/diesel prices. Hopefully they will come back down to that $2/gal rate. Then people will be able to afford food. I won’t hold my breath,
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Lt Col Scott Shuttleworth
When I bought my truck it cost $60 to fillit up from empty...now it is right at $100.
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PO1 William "Chip" Nagel
..."Though some investors are hopeful the Fed will soon consider cutting interest rates, other analysts believe rates will need to stay elevated for a longer period of time.
The Fed tends to look beyond volatile gasoline and grocery prices and focus on more lasting price changes.
The so-called "core" inflation rate, which excludes food and energy prices, was 4% last month — the same as in October, and still double the Fed's long-term target."...
..."Though some investors are hopeful the Fed will soon consider cutting interest rates, other analysts believe rates will need to stay elevated for a longer period of time.
The Fed tends to look beyond volatile gasoline and grocery prices and focus on more lasting price changes.
The so-called "core" inflation rate, which excludes food and energy prices, was 4% last month — the same as in October, and still double the Fed's long-term target."...
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SGT (Join to see)
As long as the unemployment rate remains as low as it is inflation will remain elevated. All these people working means more demand
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Inflation isn't a US only problem - it's a global problem. Inflation in the US isn't being driven by any unique American policy either. The basis for today's inflation is complicated and a combination of the spike in raw material, energy and commody prices due to Russia invading Ukraine, lingering supply chain disruptions and distorted consumer demand patterns from the pandemic. The US doesn't even have the highest inflation rate in the world...
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