The Bureau of Labor Statistics said inflation was higher than expected in September.
A broad range of goods and services are rising in price.
The consumer price index increased by 8.2% in September compared to a year ago. The increase had been expected by economists. A basket of goods that cost $100 a year ago now costs $108.20
The increase in September was less than in August. Yiming Ma is an assistant professor of business at Columbia University.
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Ma said thatinflation has come down. Prices are still increasing at an extremely high rate.
She said that inflation is high everywhere. Consumers will feel it.
Food prices have been one of the biggest contributors to inflation recently.
The food at home index increased in September compared to the previous year. In August it was the largest 12-month increase in over 40 years.
Butter and margarine, eggs, and flour have all seen their prices increase over the past year.
Mark Hamrick, a senior economic analyst at Bankrate, said that food has become the main cause of irritation for many American households because of the high prices of gasoline.
Energy prices have been a major contributor to inflation. The category includes gasoline, fuel oil, electricity and other things.
The average price of a gallon of gasoline has retreated from summer highs. A group of big oil producers said last week that they would cut oil output.
Andrew Hunter is a senior U.S. economist at Capital Economics.
The measure shows how broad the inflation has become. According to the Bureau of Labor Statistics, the core rate increased 6.6% in the last year, the largest 12-month increase since 1982.
There are more contributors to inflation than there are critics of it. It isn't a problem that's in a specific area.
Shelter has increased in the last year and accounts for 40% of the increase in core inflation. There have been increases in medical care, household furnishings and operations, new vehicles, and used cars and trucks.
Inflation is a small part of a healthy economy. The Federal Reserve wants to keep inflation low.
After years of low inflation, a supply-and-demand imbalance caused inflation to increase.
A surge in job openings and wages is a result of Covid-19 lock-ups and other factors. Global prices of commodities such as oil and food have gone up due to the war in Ukraine.
The convergence of all these factors has been very complex.
The global economy is experiencing inflation. According to the International Monetary Fund, global inflation is expected to rise to 8.8% in 2022 from 4.7% in 2021.
According to a note published Thursday morning, there are still clear signs of disinflation everywhere else we look.
These signs include a decline in the price of used cars, which should continue to feed through, and private sector measures of new rents, which point to an eventual sharp moderation in shelter inflation as well. Rent inflation won't be seen until the first half of the first decade of the 21st century.
It will take patience but I think this will resolve itself.
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