US prices rise in September as midterm elections loom
The cost of goods and services in the US continued to go up in September, and though the rate of price increases is starting to temper, high inflation continues to persist as the crucial midterm elections in November approaches.
The consumer price index (CPI), released by the Bureau of Labor Statistics, showed Thursday morning that prices in September were 8.2% higher compared to prices in September 2021. The figure is another decline in the inflation rate seen during the last three months since June, when the rate peaked at 9.1%, the highest rate in over 40 years.
Although the inflation rate has been coming down over the last few months, its downward pace has slowed. July and August saw rates of 8.5% and 8.3%, respectively, meaning the rate has budged just 0.3% over the last two months.
While the overall inflation rate looks at the increase in prices over a 12-month period, the cost of goods and services has been increasing on a month-by-month basis. Prices in September rose 0.4% compared to prices in August, which itself saw a 0.1% increase compared to July.
Housing and food were the top contributors to this monthly outlook. In both August and September, the price of shelter rose 0.7% while the cost of food rose 0.8%.
The stabilization of the overall inflation can be contributed to lowering gas prices. The national average per gallon of regular gas is $3.91, according to AAA, compared to over $5 a gallon in June. The price of gas saw a 4.9% decrease in September compared to August.
The price of used car and trucks, which was once a driver of the increasing inflation rate, is also falling, decreasing 1.1% in September compared to August.
The stubbornness of the inflation rate will likely bolster Federal Reserve officials to
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