Posted on 12/11/2024 8:52:02 AM PST by Diana in Wisconsin
Inflation heated back up again in November, but it likely wasn’t bad enough to keep the Federal Reserve from cutting rates next week.
Consumer prices were 2.7% for the 12 months ended in November, moving higher from the 2.6% annual increase seen in October and marking the highest annual rate since July, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.
On a monthly basis, prices rose 0.3% after rising 0.2% for the prior four months.
Economists were expecting inflation to pick up by 0.2% from October and record a 2.7% annual increase, primarily due to unfavorable comparisons from a year ago and stubborn housing-related inflation.
However, in November, shelter-related costs weren’t the primary driver for the monthly increase: Shelter prices rose 0.3% for the month, accounting for nearly 40% of the overall gain (whereas, in past months that share has been north of 50%, and sometimes 70% and 90%).
Instead, a big push came from food (up 0.4%) and energy prices, which rose 0.2% and posted the category’s first increase in six months.
Food and gas are two of the most visible and frequent ways that consumers encounter inflation; however, they’re also subject to a lot of volatility due to incidents such as weather and disease.
So, to get a better sense of underlying inflation trends, economists and policymakers closely look at “core” readings, which exclude food and energy costs.
Core CPI rose 0.3% for the fourth consecutive month, holding firm at 3.3%, where it’s been since September.
“The CPI print confirms the market consensus of another [quarter-point] rate cut from the Federal Reserve,” Josh Hirt, Vanguard senior US economist, wrote on Wednesday. “We are still closely monitoring the strength of the labor market and potential stickiness of certain components of inflation..."
(Excerpt) Read more at channel3000.com ...
The CPI measures price changes for a basket of commonly purchased goods and services.
And in November, the cost of that grocery store basket was a bit more painful than it has been for a while.
Prices for food purchased for at-home consumption shot up 0.5% from October, marking the largest monthly increase since January 2023.
Four of the six major grocery store food group indexes increased, with categories such as beef rising 3.1% and eggs jumping 8.2%. An ongoing deadly avian flu coupled with holiday-based demand has caused shortages and driven egg prices higher.
Egg prices are up 37.5% from this time last year, BLS data shows.
This is OBVIOUSLY Trump’s fault! ;)
It’s pretty bad, grocery prices may have tipped the scales for Trump.
Federal spending is way up. Naturally, we are going to see inflation.
Yes, sticker shock everywhere.
Son wanted a McRib - haven’t been to a McDonald’s in years but relented.
Two McRib meals - medium sized - sandwich, fries and a drink - was $32.
I believe a lot of people voted their grocery bill.
I certainly did (although I would never, ever vote for the likes of Harris or Waltz).
My average grocery bill for two people now looks like I am hosting my entire family for Thanksgiving or Christmas dinner.
We are about to transition from economic data being reported better than actual with later negative revisions to four years where the economic reports are much worse than actual with later positive revisions. All being done by leftists in government trying to influence perceptions.
gonna take years to get it back to normal...Reagan was the one who ended LBJ’s inflation..almost 20
years later
here in Detroit..a SMALL jar of miracle whip....7 dollars. THE SMALL JAR!
Wow - on the price at McDonald’s!
I’ve been using every trick in the book to keep our grocery bills down - succeeding in some areas and failing miserably in others. :(
It’s making for a lot more legwork for me - hitting various stores for the best prices. I went to THREE different places yesterday to get the cheapest prices on butter and milk. (All were local and on my usual errands route, so I wasn’t wasting gas dollars to do so.)
This is Wisconsin, fer Pete’s Sake! We’ve got more cows than people; milk & butter should be dirt-cheap!
Most shuffling the “basket of goods” around to make these numbers look not so bad.
I’ve noticed significant increases in prices of basic foods I buy.
When it comes to inflation adjusted raises do senate and federal employee wages, agency budgets, federal pensions, etc. all use the same increase rate as social security, which this year will be 2.5%?
Have you seen the price of Arugula? Someone from “Hawaii” told me that.
Car insurance has pretty much doubled during Biden’s reign. Home insurance has skyrocketed too. They don’t take that into account.
What it is,is the false Biden Adjusted inflation rates, the underpinning of Bidenomics, is now returning to the actual rates.
So, as a person living on S.S., can you tell us how much we have lost in our payments because of how inflation is acually (and likely falsely) figured?
It would seem to me that there are MANY things they don’t take into account.
A lot.
So you're basically paying a tax through inflation.
Excellent add. Thanks!
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