Inflation has escalated families’ grocery bills, rents and utility costs, among many other expenses.
— and caused home sales to tumble and prices to falter. But declining house prices will take time to feed through into the government’s measure.
Inflation in services is also being fueled by steady consumer demand. Though there are signs that lower-income Americans are cutting back, higher-income households still appear willing to spend on travel, restaurant meals and services likeBoth Delta and American Airlines, for example, reported strong revenue growth this week, driven by increased demand from travelers. Airfares rose a brisk 0.8% from August to September.
Kasondra Mathews is among those feeling the squeeze. Mathews, 50, who lives near Denver, has been working overtime as a nurse’s assistant to keep up with her rent and grocery bills. Her rent has increased roughly 5% a year for the past several years, shrinking her budget for other items. The September inflation numbers essentially guarantee that the Fed will raise its key short-term rate by three-quarters of a point for a fourth straight time when it next meets in early November. The Fed has already raised its key short-term rate by 3 percentage points since March, the fastest pace of hikes since the early 1980s. Those increases are intended to raise borrowing costs for mortgages, auto loans and business loans and cool inflation by slowing the economy.
Lael Brainard, vice chair of the Federal Reserve, noted this week that retailers have also reported healthy profit margins, having raised prices more than they have increased wages.
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