https://sputnikglobe.com/20221125/average-us-family-spending-increases-by-433-a-month-for-same-goods-this-year--1104707916.html
Average US Family Spending Increases by $433 a Month For Same Goods This Year
Average US Family Spending Increases by $433 a Month For Same Goods This Year
Sputnik International
WASHINGTON (Sputnik) - The average US household spending is up $433 a month for the same products and services as compared to last year, CNBC reported on... 25.11.2022, Sputnik International
2022-11-25T21:06+0000
2022-11-25T21:06+0000
2022-11-25T21:06+0000
inflation
us record-high inflation 2022
economy
us economy
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“Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices,” Bernard Yaros, an economist at Moody’s, was quoted by CNBC as saying.Inflation, as measured by the Consumer Price Index, expanded by 7.7% during the year to October, growing at its slowest pace of in nine months after peaking with a 9.1% growth during the 12 months to June.The drop came after relentless interest rate hikes by the Fed, which has added 375 basis points to rates since March, from a starting point of just 25.Despite such an aggressive campaign, inflation remains more than three times higher than levels preferred by the central bank, which has vowed to get to its 2% target.After four straight jumbo-sized hikes of 75 basis points between June and November, markets expect the Fed to impose a smaller increase of 50 basis points at its upcoming rate decision on December 14.
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inflation, us record-high inflation 2022, economy, us economy
inflation, us record-high inflation 2022, economy, us economy
Average US Family Spending Increases by $433 a Month For Same Goods This Year
WASHINGTON (Sputnik) - The average US household spending is up $433 a month for the same products and services as compared to last year, CNBC reported on Friday, citing an analysis by Moody’s Analytics of October inflation data.
“Despite weaker-than-expected inflation in October, households are still feeling the squeeze from rising consumer prices,” Bernard Yaros, an economist at Moody’s, was quoted by CNBC as saying.
Inflation, as measured by the Consumer Price Index, expanded by 7.7% during the year to October, growing at its slowest pace of in nine months after peaking with a 9.1% growth during the 12 months to June.
The drop came after relentless interest rate hikes by the Fed, which has added 375 basis points to rates since March, from a starting point of just 25.
Despite such an aggressive campaign, inflation remains more than three times higher than levels preferred by the central bank, which has vowed to get to its 2% target.
After four straight jumbo-sized hikes of 75 basis points between June and November, markets expect the Fed to impose a smaller increase of 50 basis points at its upcoming rate decision on December 14.
