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US Bureau Of Labor Statistics Releases Report

 

While overall inflation did not increase by as much as anticipated, prices of goods and services are still hurting most families and especially those on fixed incomes.

To better understand how much prices have risen, according to the US Bureau of Labor Statistics it now takes $118.39 cents to buy the same amount of goods and services that would have cost $100 in January 2019. The same $100 of goods and services in 2010 cost you $137.53 by October 2022. So in 3 years prices have increased more than they did in the previous 9 years combined.

The largest price rise in September is the cost of fuel oil. It has increased over the last 12 months by over 65%, in comparison gasoline, in the same 12-month percentage change, is up by 17.5%, the electricity index rose 14.1% and natural gas increased by 20% over the same period. If this winter is colder or longer than anticipated then those numbers may rise significantly.

Some food costs also continued to rise in September as well, with cereals and bakery products up 15.9% followed by dairy and related products rising by 15.5%. Overall food costs over the last 12 months have risen by 10.9%.

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