5 Prices Rising the Most as Inflation Climbs, Says New Report
These five things have become more expensive over the last month.
According to the Consumer Price Index, inflation continues to become more and more of a problem. In the most recent report released last week by the Bureau of Labor Statistics, consumer prices rose 0.4 percent last month–down from a 0.6 percent increase in August.
Here are the prices of five common things that went up the most in September—from food to fuel—which is driving the inflation rate up. And for more on inflation, make sure to check out these 7 Ways to Increase Your Savings as Prices Rise.
You might start noticing your energy bill rising, not because you forgot to turn the lights off. The gasoline index experienced a 2.1 percent rise, while fuel oil increased by 8.5 percent, resulting in a 1.5 percent spike in energy costs. "Headline CPI report this morning came in slightly ahead of estimated, mainly due to rising energy costs," Stephen Kolano, managing director of investments at Integrated Partners, tells Kiplinger. "Inflation continues to be stubborn but does not appear to be reaccelerating."
Housing prices continue to increase, driving inflation. "The index for shelter was the largest contributor to the monthly all items increase, accounting for over half of the increase," reads the release. The shelter index spiked by 0.6 percent last month and 7.2 percent year-over-year.
You likely spend more money at the grocery store in September. Food prices rose 0.2 percent in September, which is the same rate of inflation as seen the prior two months. "The index for food at home increased 0.1 percent over the month while the index for food away from home rose 0.4 percent," they say. The food index also rose 3.7 percent over the last year. Specifically, the index for cereals and bakery products rose 4.8 percent, while dairy and related products index decreased 0.2 percent over the year.
Transportation services also increased, leading to inflation. Prices rose 0.7 percent in September and 9.1 percent over the past 12 months.
While prices for used cars and trucks fell 2.5 percent in September and are down 8.0 percent over the past year, it became more expensive to buy a new car. Prices for new vehicles rose 0.3 percent in September, following a 0.3 percent increase in August.