High inflation hardly relented over the summer and the cost of living in September is unlikely to show any letup in how much consumers pay for goods and...
Inflation did not relent over the summer, and the cost of living in September is unlikely to show any letup in how much consumers are paying for goods and services.
The following is what to watch in Thursday’s consumer price index. The report will also determine the final cost-of-living adjustment for Social Security recipients in 2023.The forecast The cost of living is expected to climb a relatively mild 0.3% in September, partly because cheaper gasoline kept the overall price increase down.
The core CPI, which omits food and energy, is forecast to rise a more pronounced 0.5% in September. Such an increase would push the yearly rate of core inflation up to 6.5% from 6.3%, economists estimate, to match the sharpest core increase since 1982. The Fed is quickly jacking up rates to try to quell inflation — even if it raises the odds of a recession.
Higher rates have since cast a chill over the housing market, however, by pushing mortgage rates near 7%. There’s also evidence that rents are now rising more slowly. Further price increases could help keep inflation high given how much Americans spend on healthcare. The cost of medical care has shot up 5.4% in the past year. That’s the biggest annual price rise since 1993.
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