Written by on November 14, 2022


Shared By Peter Boykin – American Political Commentator / Citizen Journalist




Inflation rose 7.7% in October compared to the same time last year, driven by rises in the cost of food, energy, and shelter. Economists were predicting 7.9%, so I guess it could have been worse.


Back up: This report dropped one day after Joe Biden told the press: “I can’t guarantee that we’re going to be able to get rid of inflation.”


Broken down by category, this is how inflation is affecting the things you pay for:


🍖 Food at home: +12.4%

⛽️ Gas: +17.5%

🔋 Electricity: +14.1%

🏘 Home gas: +20%

🏥 Healthcare: 20.6%

🚇 Public transit: +28.1%

✈️ Airfare: 42.9%

🍼 Baby food: +10.9%

🏠 Shelter: +6.9%

🚗 New cars: +8.4%

🛻 Used cars: +2%

🍗 Poultry: +14.9%

🥛 Milk: +14.5%


The bright side: While inflation is still at 40-year highs, 7.7% is the first time it’s been below 8% since February. And the price of beef actually went down by 3.6%.


The downside: Inflation continues to cut into Americans’ real wages (wages increase minus inflation). In October, wages rose 4.7%. But when you count for inflation, wages decreased by 3%.


Big picture: It should be expected that inflation starts to come down as the Federal Reserve continues to raise interest rates.


As we’ve talked about before, it’s a simple formula:


The Fed raises interest rates.


Higher interest rates make it harder for Americans to buy things.


Not buying things lowers the demand for them.


Lower demand drives down prices.


The ultimate cost of the Fed raising rates [aside from higher mortgage, credit card, and auto lease] is this is going to lead to layoffs. You’re already starting to see it take shape in tech and finance. And I think you’ll see a rise in the unemployment rate over the next few months.


[Source: CNBC, Bureau of Labor Statistics]






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