Food prices in the US continue to rise: which rose the most
US consumers pay a little more for groceries than they did a month ago, and significantly more than they paid for the same products in 2020. CNBC.
The Consumer Price Index, which measures changes in how much Americans pay for certain goods and services, rose 0,4% in September, the Labor Department said Wednesday, driven by increases in food, housing and gasoline prices.
On an annualized basis, prices rose 5,4%, the largest jump since January 1991.
This is a continuation of the inflationary trend that consumers have experienced throughout most of 2021. Here's how much prices have risen in key categories over the past year, according to the Department of Labor:
- Car rental: 42,9%
- Gas: 42,1%
- Used cars: 24,4%
- Hotels: 18%
- TVs: 12,7%
- Furniture: 11,2%
- Meat, poultry, fish and eggs: 10,5%
- New cars: 8,7%
- Household appliances: 7,1%
- Electricity: 5,2%
- Restaurant prices: 4,7%
- Rent: 2,9%
What Causes Inflation
Price fluctuations can be largely attributed to the Covid-19 pandemic for a number of reasons.
Automobile prices, for example, are rising due to a combination of continued chip shortages and low material inventories. At the same time, airfare and other travel costs look much higher today compared to 2020, because no one flew a year ago, which drove prices down.
On the subject: Marketing Secrets: How Stores Make You Spend More
Although economists have argued for months that inflation is temporary, prices have continued to rise.
Americans feel pain every day over their bank account: wages rose just 4,6% in September from the previous year, well below the 5,4% year-on-year rise in prices.
“While some of the so-called temporary factors, such as the prices of used cars, airline tickets and clothing, continue to decline after surging in previous months, inflation is expanding,” said Greg McBride, chief financial analyst at Bankrate.
McBride says the rise in home prices is especially worrisome for the average family. “Rising home prices will exacerbate the negative financial impact of continued price increases,” he says.
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