buying Huge increases in car and gas prices keep driving U.S. inflation fears
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Gas prices are around $5 per gallon at Valero and Chevron stations on October 12 in Mill Valley, California. (Getty Images)
WASHINGTON — Another surge in consumer prices in September sent inflation to 5.4% from a year ago, matching the highest such rate since 2008 as tangled global supply lines continue to create havoc, particularly in the areas ofand new-car prices.
Consumer prices rose 0.4% in September from August as supply chain disruptions kept many goods scarce. The costs of, gas, food and restaurant meals all jumped.
The annual increase in the consumer price index matched readings in June and July as the highest in 13 years,Excluding the volatile food and energy categories, core inflation rose 0.2% in September and 4% compared with a year ago. Core prices hit a three-decade high of 4.5% in June.
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The unexpected burst of inflation this year reflects sharply higher prices for food and energy, but also new and, hotel rooms, clothing, and furniture, among other goods and services. COVID-19 has shut down factories in Asia and slowed U.S. port operations, leaving container ships anchored at sea and consumers and businesses paying more for goods that don't arrive for months.
“Price increases stemming from ongoing supply chain bottlenecks amid strong demand will keep the rate of inflation elevated, as supply/demand imbalances are only gradually resolved,” said Kathy Bostjancic, an economist at Oxford Economics, a consulting firm. “While we share the Fed’s view that this isn’t the start of an upward wage-price spiral, we look for inflation to remain persistently above 3% through mid-2022.”
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Higher prices are also outstripping the pay gains many workers are able to obtain from businesses, who are having to pay more to attract employees. Average hourly wages rose 4.6% in September from a year earlier, a healthy increase, but not enough to keep up with inflation.
Video: Increased demand for energy is driving some sectors of the market (CNBC)
Gas prices jumped 1.2% last month and have soared more than 42% compared with a year ago. Electricity prices rose 0.8% in September from August.
Supply chain disruptions continue to drive newhigher, which rose 1.3% last month and are up 8.7% from a year ago, the largest 12-month increase since 1980. A shortage of semiconductors has restrained vehicle production and left fewer lots.
Used car prices, which spiked this summer as Americans sought to purchase them when they couldn't find new cars, dropped for the second straight month. Clothing costs also declined, falling 1.1%.
For the first time since 1993: German inflation rate over 4 percent mark
were and services were 4.1 percent in September. Also for savers are the rising inflation rates bitter. © Photo: DPA A purse. fueled by high energy prices , the inflation in Germany has been exceeded the four-percent mark for the first time for almost 28 years. Consumer prices rose by 4.1 percent in September compared to the same month of the previous year, as the Federal Statistical Office announced on Thursday on the basis of a provisional calculation.
Housing costs also rose at a strong clip, as builders say they cannot find all the parts and workers they need to build new homes as quickly as they'd like. Rents rose 0.5% in September and a measure of home prices climbed 0.4%. If sustained, those increases will put significant upward pressure on prices, as those two measures account for nearly one-third of the CPI.
The rapid price increases have raised pressure on the Federal Reserve, which has pegged its benchmark interest rate at nearly zero to spur more borrowing and spending. Yet inflation is far above its target of%. Chair Jerome Powell has repeatedly said that the price gains should “abate” next year, bringing inflation closer to the target.
Fed Vice Chair Richard Clarida echoed that view in remarks Tuesday.
“The unwelcome surge in inflation this year, once these relative price adjustments are complete and bottlenecks have unclogged, will in the end prove to be largely transitory,” he said.
Raphael Bostic, president of the Atlanta Federal Reserve, joked Tuesday in separate remarks that “transitory” is now seen as the equivalent of a curse word at the Atlanta Fed. Bostic said that the price spikes mostly reflect the pandemic’s impact on supply chains and added they should eventually fade, but it will likely take longer than many Fed officials initially expected.
How to Buy a Car Right Now, Without Overpaying
If you’ve driven by a car dealership lately, you’ve seen it with your own eyes: There just aren’t many cars available right now. Continuing effects from the COVID-19 pandemic are pummeling automakers with parts shortages and other production disruptions. As auto plant shutdowns drag on, the number of cars on dealer lots continues to dwindle. At the same time, demand for new cars continues to surge. More shoppers chasing fewer new cars means one thing: Skyrocketing prices for new vehicles. Prices of used cars have risen substantially in turn, as many new car buyers have turned to the pre-owned vehicle market.
The price gains are also a vulnerability for, who has been under attack by Republicans for spurring inflation with his $1.9 trillion rescue package enacted in March of this year.
Thethat it has helped foster an agreement to keep the Port of Los Angeles open 24 hours a day, seven days a week, in an effort to ease supply bottlenecks and reduce price pressures.
originally appeared on on Wed, 13 Oct 2021 12:40:00 EDT. Please see our terms for use of feeds.
Harley-Davidson Inc (HOG) Q3 2021 Earnings Call Transcript .
HOG earnings call for the period ending September 26, 2021.Q3 2021 Earnings Call