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October’s Consumer Price Index, the measure of the national rate of inflation, was at 7.7 percent in October , compared to a reading of 8.2 percent in September. The report propelled “U.S. stocks forward [at the open] and sent Treasury yields tumbling as Wall Street weighed the implication of softer prints on Federal Reserve policy.”
The decline in the rate of inflation was driven by declining annual prices of “necessities” such as smartphones (-22.9 percent), admission to sporting events (-17.7 percent), televisions (-16.5 percent), and women’s outerwear (-1.4 percent), all items that are discretionary purchases.
Unless you can eat your smartphone, this didn’t help you very much as a consumer, as the components of the CPI that showed the most inflation were “needs,” those items that we need to purchase in order to live. We saw increases in such staples as food at work and school (95.2 percent), eggs (43.0 percent), butter and margarine (33.6 percent), and motor vehicle insurance (12.9 percent).
According to the U.S. Bureau of Labor Statistics , the food at home index rose 12.4 percent. Shelter prices have increased by 6.9 percent in the last year, and the energy category (gas, fuel oil, natural gas) increased 17.6 percent.
These […]
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