The latest economic numbers show inflation continues to surge, remaining well above the Federal Reserve’s 2% target.
Overall, consumer prices in January jumped more than 3% compared to January of 2023 and 0.3% versus December.
The Consumer Price Index tracks the costs of everyday goods — from groceries and gas to rent and insurance.
As you might imagine, there are huge differences in how much those individual prices are changing.
For example, used car prices are down 3.5% over the last year, and home energy prices are also falling, down 2.4%.
Appliances are also costing a little less than 2023 — down 4%.
rent is the expense that’s seen the biggest jump over the last 12 months. Nationwide families are paying more than 6% more, and grocery prices had a 1.2% increase last year.
Prescription drug costs are also still rising- – up nearly half a percent over the last year.
Overall, food, gas and housing prices have all jumped by at least 20% since January 2020, right before the COVID-19 pandemic began.
Let us know how inflation is affecting your budget. In the form below, share what changes you’re making to adjust to the price roller coaster:
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