Here's Why Prices Are Still Going Up and What Keeps Driving Inflation
High inflation has now spread well beyond physical goods to the nation's vast service sector, which includes everything from dental care and apartment rents to auto repairs and hotel rates. The broadening of inflation makes it harder to tame. Thursday's report underscored that the Fed may have to jack up its key short-term rate even higher than had been expected — and keep it there longer — to curb inflation.
"We obviously exited the third quarter with the consumer still very healthy in terms of our particular categories,” the company's chief financial officer, Hugh Johnston, told investors. At the same time, Jonathan Smoke, chief economist at Cox Automotive, said that many higher-income consumers have stepped into the used car market, offsetting at least some of the loss from previous buyers.
In September, the price of one major service — restaurant meals — jumped 8.5% from a year earlier. It was the largest such increase in 41 years. Likewise, Delta and American Airlines are reporting strong revenue gains as more Americans show willingness to spend on travel. Apartment rental costs are also starting to slow, according to real time data from ApartmentList and Zillow.
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