Inflation remains stubbornly high as food, shelter costs grow
New data from the federal government was released Thursday indicating the Consumer Price Index reached 8.2% for the 12-month period ending in September.
The Consumer Price Index, which gives an idea of how much Americans spend on items such as food, shelter, energy and travel, dropped .1% from August. The Consumer Price Index reached a high earlier this year of 9.1%.
In September, the price of goods increased .4% despite energy prices falling 2.1%. The cost of food went up .8%, while the price of shelter went up .7%.
In the last year, the cost of food overall has gone up 11.2%. The price of housing continues to increase as well, jumping 6.6% in the 12-month period ending in September.
The rising cost of food and housing disproportionately impacts lower wage earners, who can't cut back on food or housing costs the same way they can scale back their gasoline use.
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