Inflation: CPI Rose 0.1% in November, Prices Increased 7.1% Over Last 12 Months

MARY CHASTAIN DEC 13, 2022 10:22 AM

Headlines across the country claim inflation “cooled” or “eased” in November’s Consumer Price Index (CPI) report.

Oooooo, inflation only increased by 0.1% from October to November compared to 0.4% from September to October number.

La. Dee. Dah.

I have to say this before I continue. Food at employee sites and schools rose 110.1% in the past 12 months. Food at elementary and secondary schools went up by 254.1% in the past 12 months!

This is why you must read the entire report and all of the tables.

The report mentions a decrease in energy indexes. However! The increase in shelter indexes offset any of those decreases.

From the Labor Department:

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in November on a seasonally adjusted basis, after increasing 0.4 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment.The index for shelter was by far the largest contributor to the monthly all items increase, more than offsetting decreases in energy indexes. The food index increased 0.5 percent over the month with the food at home index also rising 0.5 percent. The energy index decreased 1.6 percent over the month as the gasoline index, the natural gas index, and the electricity index all declined.

Not counting food and energy, which are considered volatile, the index for all the other items went up by 0.2% in November, down 0.1% from October.

Yippee.

Over the past 12 months:

The all items index increased 7.1 percent for the 12 months ending November; this was the smallest 12-month increase since the period ending December 2021. The all items less food and energy index rose 6.0 percent over the last 12 months. The energy index increased 13.1 percent for the 12 months ending November, and the food index increased 10.6 percent over the last year; all of these increases were smaller than for the period ending October.

Let’s break it down, shall we? This is my favorite part. No babble from so-called experts. No spin.

Just the facts, Jack.

Four of the six grocery food group indexes increased in November:

• Fruits and veggies: 1.4% (these guys fell 0.9% in October)
• Cereals and bakery goods: 1.1%
• Dairy and similar goods: 1.0%
• Nonalcoholic beverages: 0.7% (My Diet Coke is way too expensive. But that will be the last thing I cut.)

All food at home went up in the last 12 months, too. Cereals & bakery and dairy & similar items went up by 16.4%. The other major food indexes increased between 6.8% to 13.9%.

Food away from home increased in November by 0.5%. It rose 7.5% in the last year.

Here comes Christmas. How about the 12-month changes on items we all need for Christmas Eve and Christmas Day or even just treats we make for family and friends…or ourselves.

Largest increases in the past 12 months under cereals and bakery products? Everything so here’s a screenshot of Table 2.

• Eggs: 49.1%
• Milk: 14.7%
• Cheese: 12.4%
• Canned fruits: 20.9%
• Canned veggies: 16.2%
• Frozen veggies: 18.3%
• Butter: 27%
• Margarine: 27%
• Fats and oils: 21.8%

Energy decreased from October to November. Great. But the numbers over the past 12 months are not great.

• Fuel oil and other fuels: 41.7%
• Fuel oil: 65.7%
• Motor fuel: 10.8%
• Gasoline (all of them): 10.1%
• Unleaded regular: 9.8%
• Unleaded midgrade: 10.7%
• Unleaded premium: 12.4%
• Other motor fuels: 43.3%
• Evergy services: 14.2%
• Electricity: 13.7%
• Utility gas service (piped): 15.5%

Shelter and shelter indexes erased that energy decrease:

• Shelter: 7.1%
• Rent of shelter: 7.2%
• Rent of primary residence: 7.9%
• Lodging away from home: 3.2%
• Housing at school, excluding board: 2.8%
• Other lodging away from home including hotels and motels: 3.3%
• Owners’ equivalent rent of residences: 7.1%
• Owners’ equivalent rent of primary residence: 7.1%
• Tenants’ and household insurance: 0.8%

Used cars decreased by 3.3%. But the other indexes under transportation went up, especially if you need to work on that used car:

• New vehicles: 7.2%
• Motor vehicle parts and equipment: 11.6%
• Tires: 10.3%
• Vehicle accessories other than tires: 13.7%
• Vehicle parts and equipment other than tires: 11.8%
• Motor oil, coolant, and fluids: 19.6%

Other significant increases:

• Health insurance: 13.5%
• Transportation services: 14.2%
• Motor vehicle maintenance and repair: 11.7%
• Motor vehicle body work: 12.4%
• Motor vehicle repair: 15%
• Motor vehicle insurance: 13.4%
• Public transportation: 23.8%
• Airline fares: 36%
• Pet services including vets: 10.9%
• Veterinarian services: 11%
• Delivery services: 13.8%
• Apparel services other than laundry and dry cleaning: 14.1%

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