Quote:
Originally Posted by OrangeBlossomBaby
Inflation was as high as 9.1% nationwide a year ago. We were still recovering from global shut-downs post-pandemic, restoring jobs lost, getting manufacturers back on track, and a bunch of other stuff that's political so I won't detail it here but - politics certainly played some part.
The good news, is that the inflation rate has been in decline for the past 12 months, consecutively, and hit 3% as of the end of June.
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The 3% inflation rate year-over-year (YOY) through June 2023 (i.e., July 2022 to June 2023) is welcome overall compared to recent higher inflation. But that’s not a complete picture. The devil is in the details.
The main drivers of the slowing trend according to USA government Bureau of Labor Statistics data include much lower YOY prices of energy (includes gasoline) down 17% and used car prices down 5%.
Other prices went up much more than the headline 3%. Year-over-year, food is up 6%, housing costs up 8%, and transportation costs up 8%.
This matters depending on what items a person buys. One who is not buying used cars and lots of gasoline but is buying food, renting a home, flying and cruising may be seeing YOY price increases over the headline inflation rate of 3%.
From the BLS
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