Inflation
November 15, 2022
Lola Himmaugh, Reporter
November 15, 2022
It is predicted that there will be a global recession sometime in 2023. Stocks are surging right now, for example the Consumer Price Index of All Urban Consumers has risen 0.4 percent in October. This increase also happened in September of this year. By holding the correct stocks and commodities in their portfolios it benefits investors. The rising price of gas is hurting the average consumer on a daily basis.
Right now gas prices in Louisiana are averaging $3.267. This time last year they were $3.149. At the same time as gasoline prices are rising we have the price of food at the grocery store. According to the latest data from the U.S. Bureau of Labor Statistics, the cost of meat is increasing: Pork prices increased by 1.1 percent in September 2022, while the cost of chicken has gone up nearly 18 percent. Overall meat and poultry prices have risen 11 percent from a year ago. As of November 2022, 15-year fixed mortgage rate drops,-0.15% and 30-year mortgage refinance rate slides, -0.39%. An all time high for the percentage rate of mortgage was reached in march of this year, rising 8.5% -the largest 12-month spike since 1981. In the past month, the price of used-cars have dropped down while the price of new-cars continues to increase. The average price paid for a new vehicle was the highest on record in July at $48,182, up 12% from the prior-year. Inflation affects everyday life for consumers but there is hope for recession next year according to statistics and predictions.
Sources: 4 key takeaways from the November CPI report
https://www.bls.gov/news.release/pdf/cpi.pdf
https://gasprices.aaa.com/?state=LA
https://www.consumerreports.org/buying-a-car/when-to-buy-a-used-car-a6584238157/?scrlybrkr=a3a8977a
https://www.valuepenguin.com/mortgages/historical-mortgage-rates
