Daily Spotlight

What is Driving Overall Prices Higher?

Consumer inflation is elevated -- and the CPI was running at a 5.3% rate in August, according to the U.S. Bureau of Labor Statistics. But pricing pressures are not consistent across the economy. Want to buy a car? You're going to have a hard time saving money, as prices for used cars are 32% higher year-over-year, and prices for new vehicles are up 8%. And that's before you fill the tank, with gasoline prices that have jumped 25% since last summer. Meanwhile, that Uber ride isn't going to be cheap either, as Transportation Services prices have risen almost 5%. Those are some of the outliers that are driving prices higher this year. Yet even so, commodity prices are up almost 8% and that has contributed to food prices that have risen 4%. The price for shelter has climbed only 3%, while prices for medical care services have risen only 1%. That's right, it's a relatively inexpensive time to get sick. ...  either, as Transportation Services prices have risen almost 5%. Those are some of the outliers that are driving prices higher this year. Yet even so, commodity prices are up almost 8% and that has contributed to food prices that have risen 4%. The price for shelter has climbed only 3%, while prices for medical care services have risen only 1%. That's right, it's a relatively inexpensive time to get sick.   more

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