March 29, 2017

Consumer Prices Inch Up

Prices for all consumer goods increased 0.1% in September. This increase is a result of the food index and gasoline index both rising during September. Prices of food increased 0.3%, which is greater than any other month dating back to October 2008, according to the consumer price index [.pdf]. Gasoline prices increased 1.8% during September – the greatest increase of the month among all consumer goods. Additionally, the cost of gasoline has increased more than any other consumer good for 3 consecutive months. These statistics regarding gasoline mark the continuation of a deeper trend of energy becoming increasingly more expensive in recent months. In the last 12 months, the gasoline index has increased 5.1%, whereas the food index has increased 1.4%.

Other notable price increases in the past 12 months include: college tuition and other student fees with an increase of 4.4%, airfare tickets with an increase of 6.1%, used vehicles with an increase of 12.9%, and medical care with an increase of 3.4%.

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