While the price of some everyday items such as gasoline has cooled a bit in recent weeks, others continue to soar. Consumers locally noted the rising price of eggs, especially, which may be due to a number of factors.
The Moody County Enterprise will look at what the forecast is on such products in the coming weeks.
Meanwhile, the Commerce Department reported on Friday that prices rose 5.5% in November from a year earlier, down from a revised 6.1% increase in October and the smallest gain since October 2021. Excluding volatile food and energy prices, so-called core inflation was up 4.7% over the previous year. Higher prices and borrowing costs are increasingly impacting American consumers and businesses as a result. Spending rose just 0.1% from October to November and didn’t rise at all after adjusting for higher prices. “We expect a deceleration in household spending as the Fed hikes rates further in 2023” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a research note.