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The cost of living for most basic goods and services has increased by 20% in the past three years. Yet, at 2.5%, inflation is down from 3.4% last year, which seems relatively low in comparison.
Annual inflation increased to 8.3% in August 2022, in part due to rising grocery prices. [154] In September, the Fed increased the interest for a fifth time in the year reaching a 14-year high. [155] In November 2022, the year-over-year inflation rate was 7.1%, the lowest it has been since December 2021 but still much higher than average. [156]
Inflation was over 7% in 2021 and 10% in 2022, and while it wasn’t as bad in 2023 at 2.6%, the prices didn’t come down. So food prices are still much more expensive than just a few years ago.
So while the latest 2.2% annual food inflation rate for March 2024 seems more manageable, it doesn’t negate the cumulative 25.8% increase in grocery prices since that November 2020 election.
The 6% jump in inflation marks the slowest annual increase in consumer prices since September 2021. "Core" inflation, which strips out the more volatile costs of food and energy, rose 0.5% over ...
Core CPI inflation is now running at its slowest pace since April 2021. The cost of owning and renting a home rose 0.4%. That so-called shelter index accounted for nearly 90% of the monthly ...
The Consumer Price Index (CPI) increased 2.5% over the prior year in August, a deceleration compared to July's 2.9% annual gain in prices and the lowest annual rate since early 2021.
Inflation gauge closely watched by the Fed falls to lowest level since early 2021. ... up slightly from a 0.1% increase from July to August. Inflation peaked at 7.1% in June 2022 after the economy ...