Core consumer prices jumped up 6.6%, the fastest since 1982.
With the midterm elections less than a month away, inflation continues to plague the U.S. economy, causing tangible pocketbook pressure for every American.
The U.S. Labor Department released the latest economic report on Thursday showing that the Consumer Price Index rose by 0.4% in September from the prior month, which is after rising 0.1% in August.
Compared to the previous year, core prices jumped 6.6% – the fastest such increase since 1982.
The report also showed that U.S. inflation was up 8.2% from the previous year. It should be noted that the September 2021 rate was already 5.4% higher than prices in September 2020.
Perhaps the most concerning portion of the report was that the index for all items other than food and energy, which are the most volatile, rose 0.6% from the previous month.
Increases in the shelter, food, and medical care indexes were the largest of many contributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6% decline in the gasoline index.
The food index continued to rise, increasing 0.8% over the month as the food at home index rose 0.7%.
The energy index fell 5.0% over the month as the gasoline index declined, but the electricity and natural gas indexes increased.
Below is what some Mississippians are saying about this latest economic news:
U.S. Senator Roger Wicker
American families are continuing to pay the price for President Biden's policies.
The latest report shows last month's prices were up 8.2% year over year.https://t.co/vZPZZoAt4J
— Senator Roger Wicker (@SenatorWicker) October 13, 2022
U.S. Senator Cindy Hyde-Smith
Sept. inflation is higher than expected, which will only do more damage to wages, budgets and savings. President @JoeBiden’s policies are failing American families and workers. In fact, inflation has risen 13.5% since he took office in Jan. 2021. https://t.co/rnidjEYiNm
— U.S. Senator Cindy Hyde-Smith (@SenHydeSmith) October 13, 2022
State Auditor Shad White
U.S. core inflation just hit a four-decade high. It's crippling working families. It's also hurting state and local gov'ts. In coming weeks, we're going to look at how inflation is hindering the ability of state/local gov't to pay for core services like infrastructure and police.
— Shad White (@shadwhite) October 13, 2022
Russ Latino with EmpowerMS
The Consumer Price Index increased 0.4% in September, back up to 8.2% year-over-year. The interest rate hikes are wrecking the economy, but having almost no impact on inflation. This is what stagflation looks like, ladies and gentlemen.
— Russ Latino (@RussLatino) October 13, 2022
Frank Corder
