Economist Steve Moore examines the U.S. economic outlook in “The Bottom Line.”
American consumers continue to face challenges such as: rising inflation Although rising food prices continue to put pressure on household budgets, the pace of inflation is slowing.
The Labor Department on Thursday released the Consumer Price Index (CPI) for September, a broad measure of the prices of everyday items such as gasoline, groceries and rent, showing that prices rose 2.4% year-on-year and 0.2% compared to August. % increase.
grocery prices It rose 0.4% last month compared to August and 2.3% compared to September last year, just below the headline inflation rate. Out-of-home food prices are up 3.9% year-on-year, after rising 0.4% in September, while in-home food prices are up 1.3% year-on-year.
Prices for meat, poultry, fish and eggs rose 0.8% in September, up 3.9% from a year earlier, the largest annual increase among major food categories tracked by the CPI. .
Inflation rate rose 2.4% in September, higher than expected
Food prices in September increased by 0.4% compared to the previous month, and by 2.3% compared to last year. (Spencer Pratt/Getty Images/Getty Images)
Eggs saw the biggest price increase on a monthly and annual basis, jumping 8.4% from August to September and rising 39.6% compared to last year.
Typical cost pressures and inflationary pressures caused by consumer demand for eggs have been exacerbated by outbreaks of avian influenza, which have forced egg producers to quarantine and in some cases euthanize chickens, leading to supply is limited.
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Inflation remains above the Fed's 2% target, putting pressure on consumer finances. (Amy Beth Bennett/South Florida Sun Sentinel/Tribune News Service via Getty Images/Getty Images)
beef and veal Prices are up 4.2% year-on-year, but other types of meat, such as pork (+1.5%) and chicken (+0.5%), have seen smaller price increases over the 12 months.
price of fruits and vegetables In September, it increased by 0.9% from the previous month and by 0.7% from the previous year. Frozen still juices and beverages grew 15.3% year-over-year in September.
Dairy products rose 0.5% year-on-year, little changed from a month ago. Milk prices rose 0.8% year-on-year in September, despite falling 0.3% month-on-month.
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Coffee prices in September fell 1% year-on-year. (Robert Nickelsburg/Getty Images/Getty Images)
The prices of some food items have fallen or remained almost the same compared to last year.
Prices for cereals and bakery products were almost unchanged from a year ago, rising 0.3% month-on-month.
coffee price Although it increased by 1.7% on a monthly basis compared to August, it decreased by 1% in September compared to the previous year.
Apple's price fell by an annualized rate of 11.3% in September, despite rising 2.4% month-on-month.
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Although potato prices rose 1.8% month-on-month, they fell 3.5% year-on-year.
Ham prices fell by 2.5% compared to the previous year. seafood Prices fell by 1.3%.
