Inflation clocked in worse than expected at 8.2% for the 12 months ending in September, according to the consumer price index, bad news for the country’s economic health.
The much-anticipated numbers reported by the Bureau of Labor Statistics on Thursday revealed that while it ticked down by one-tenth of a percentage point, inflation is still higher than anticipated and defying the Federal Reserve's aggressive interest rate hikes.
The Thursday morning report is the last such CPI reading before the midterm elections next month and has major implications for Democrats hoping to retain control of Congress. The soaring inflation has eaten into President Joe Biden’s approval ratings. “The month-to-month CPI numbers, both with and without food and energy, were higher than expected, which again shows the stubbornness of the increase in the price level. This is not a situation which is going to be ironed out by rate hikes or other contractionary policies overnight. Inflation will probably be with us for a while,” said Peter Earle, a research fellow at the American Institute for Economic Research.
The higher prices are hitting consumers hard. The rising cost of food, in particular, has been difficult for many households. The price of chicken has risen 17.2% over the last year, while milk prices have increased by more than 15%. Meanwhile, energy prices have risen by nearly 20%, and people in many places, especially in cold New England, are facing the prospect of major bills heating their homes this winter.
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