While President Joe Biden continues to tout “Bidenomics” as a brilliant path to getting the US. economy back on track and bringing down inflation so Americans can stop choosing between things like food and electricity, consumer prices were up 3.7% year-over-year last month, new data shows.
Translation? The price of groceries isn’t coming down.
According to the latest Consumer Price Index report from the Bureau of Labor Statistics, US inflation rose 3.7% in September compared with the same time last year, slightly more than the 3.6% economics had predicted. Month-to-month, the report - which measures what people are actually paying for goods in stores - rose 0.4% from August to September.
Related: 336,000 Jobs Added in September, Fueled by Leisure/Hospitality and Government Gains
The BLS report showed food costs were up 3.7% year-over-year, with the cost of dining out rising 6%. Among the highest categories on increase were the cost of shelter (up 7.2%) and transportation (up 9.1%). Electricity rose 2.6% over last September.
Energy costs, on the other hand, were down 0.5%, while used car prices dropped 8% from the same time last year.
Thankfully for everyday Americans who can't count on six-figure salaries siphoned from taxpayers, inflation is down drastically from the 9%-plus rates we saw last summer. But while economists say they don’t see a return to the sky-high prices we saw at the height of Bidenflation, the fact that rates are holding steady at higher than the fed’s goal of 2% tells them price reductions might not be around the corner, either.
In other words, get used to paying more for your stuff - it's not going away any time soon.
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