Inflation may be easing but consumer prices remain high
O'Leary Ventures chairman discusses inflation as the president touts Bidenomics, the «downsizing» of America and division on college campuses.
Inflation may be easing, but many Americans just aren't seeing it as prices for everyday items remain higher than they were before the pandemic and even after inflation peaked in the summer of 2022.
«The challenge with inflation is it's cumulative. So, if inflation goes up 8% one year, 10% the next year, and the rate of inflation growth slows down to 3%, big deal. But the price of a home is 30% higher than it was in 2020. The price of eggs is almost double what it was in 2020, and prices don't come down,» Mitch Roschelle, Madison Ventures Plus managing director, told FOX Business.
The cost of a dozen eggs averaged $2.06 in September compared to $1.45 in 2020, as tracked by the U.S. Bureau of Labor Statistics. The average price for a single-family home was $394,300 in September compared to $311,800 in 2020, per the National Association of Realtors.
A dozen eggs: $2.06 vs. $1.45
A single-family home: $394,300 vs. $311,800
Source: U.S. Bureau of Labor Statistics and NAR
A 30-year fixed-rate mortgage averaged 2.84% in November 2020. Last week, rates were 7.5%, according to Freddie Mac. Rates will likely stay elevated for longer or potentially move even higher as the Federal Reserve mulls another rate hike.
A 30-year fixed-rate mortgage averaged 2.84% in November 2020. Last week, rates were 7.5%, according to Freddie Mac. (Freddie Mac)
«We know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes,» said Federal Reserve Chairman Jerome Powell in prepared remarks last week at an International Monetary Fund conference in Washington, D.C. «If
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