Core Prices Rose 3.3% in September, Showing Inflation Isn’t Over

MARY CHASTAIN

OCT 10, 2024 10:37 AM

Oh, look. Inflation hasn’t gone anywhere.

Looks like everything went up, exceeding expectations. Good Lord. The Fed was stupid for the 50 bps cut last month.

The report also makes that supposedly amazing September jobs report more suspicious. Hhhhmmm…

The consumer price index rose 2.4% in September from last year.

Core prices, which does not include energy and food, went up 3.3% from a year ago. That’s higher than the 3.2% in August.

I’m also suspicious of these numbers. Something tells me it’s worse than the data shows.

Energy decreased 6.8%, but food increased 2.3%.

Here are the changes from August to September:

Food at home: +0.4%

Meats, poultry, fish, and eggs: +0.8%

Fruits and vegetables: +0.9%

Other food at home: +0.2%

Cereals and bakery products: +0.3%

Dairy and related products: +0.1%

Here are the changes from September 2023 – September 2024:

Food at home: +1.3%

Meats, poultry, fish, and eggs: +3.9%

Fruits and vegetables: +0.7%

Other food at home: +0.4%

Dairy and related products: +0.5%

Cereals and bakery products: +0.1%

Here are some other yearly big changes:

Shelter index: +4.9% (This is 65% of the total 12-month increase among non-food and energy items)

Motor vehicle insurance: +16.3%

Medical care: +3.3%

Personal care: +2.5%

Apparel: +1.8%

I’m looking forward to next month’s jobs report. You know there will be massive changes to the September jobs numbers.