Yeah, this isn't just a one-time transient price spike that happened months ago. August fuel prices fell a lot (10.6%), a gift! — but core inflation erased all that progress, with a 0.1% month-to-month rise in the CPI overall. Food's up 0.8% in a month. Rent was up 0.7%. Cars were up 0.8%.
We probably can't rely on fuel prices falling 10% again next month.
The problem with core inflation is that it is a lagging indicator. Rent especially. If a landlord increases the rent on Jan 1 but your contract rolls over on Dec 1 that increase shows up in the December numbers.
And yes gas has already fallen 10% in September. From $4.087 in August to $3.677 today.
bryanlarsen|3 years ago
And yes gas has already fallen 10% in September. From $4.087 in August to $3.677 today.
landemva|3 years ago
Mid-term elections are approaching and gas pump prices are an easy talking point. With SPR releases, why won't USA fuel prices drop?
fennecfoxen|3 years ago