Joe Biden's best economy ever continues apace this month.
Inflation was still insane in October, but slightly less insane than it has been.
From the Daily Wire:
The Consumer Price Index (CPI) rose 7.7% between October 2021 and October 2022, according to a Thursday report from the Bureau of Labor Statistics, showing that inflation has begun to slow amid harsh contractionary policy from the Federal Reserve.
The month-to-month increase of 0.4% fell below analysts' forecasts, while core inflation, which factors out the more volatile food and energy categories, rose 0.3%, also falling below forecasts. A 0.6% surge in food prices and a 0.8% increase in shelter prices contributed to the headline number as energy prices reversed their downward trajectory to surge 1.8%. A decline in prices for used vehicles of 2.4% appears to have been one of the elements responsible for the lower headline reading.
Year-over-year inflation in October was lower in comparison to the previous month's reading of 8.2%. Energy costs have fallen from their peak earlier this summer to produce a moderation from the 9.1% inflation rate in June and the 8.5% rate in July, although gasoline prices have since returned to an upward trajectory.
So it's still bad. Really bad. But not quite as bad as we thought.
But don't worry, even though inflation slowed down a little, things can and will still get worse!
Rising food prices are expected to impact households celebrating the holiday season. Ahead of Thanksgiving, the cost of an eight-pound turkey hen has increased from $1.15 per pound last year to $1.47 per pound this year as an outbreak of the avian flu affects poultry flocks nationwide. Meanwhile, expected growth in holiday retail sales between 6% and 8% are expected to be completely eclipsed by rising price levels, according to data from the National Retail Federation.
Also, you might wanna think about buying an extra blanket or chopping some more firewood because energy costs are about to go crazy.
Constrained fossil fuel production and refining, as well as the Russian invasion of Ukraine, have limited energy supply in the United States. The average household primarily using natural gas for space heating will spend $931 on power from October to March, marking a $206 increase since last year, according to a winter fuels outlook from the Energy Information Administration.
