4 ms·

US inflation slows to 8.3% in August but prices still rising

13 points by mrep 4y ago

standardUser 4y ago
Maybe it's because I live in NY and everything is already so expensive, but I can not name one single item I buy regularly that has had a noticeable price increase.
- Mountain_Skies 4y ago
  People in "flyover country" will be glad to hear you're so insulated from what everyone else is going through.
  - standardUser 4y ago
    It's a genuine curiosity, not some sort of bizarre brag. If I could name something I buy regularly that has had a noticeable price change, I would. What do you buy that has gone up by a meaningful amount?
    - foundausername 4y ago
      Some samples (Midwest suburb): * Chickenwings $.89 > $1 > $3 per wing * Subway $5 subs are now 9.89 * Lawn mowing 35 now 55 * Cars 32k now 46k * Garbage collection $30 now $45 (plus $3 gas surcharge) * Electric $200 now $350
      - standardUser 4y ago
        My electric bill fluctuates so wildly based on how much I'm at home and using the ACs that I could never differentiate inflation-related increases from changes from my own use patterns. I haven't purchased any of those other things since the start of increased inflation. I mean, I purchase food often from all kinds of different places, but I don't track prices. I don't think food and drinks here have doubled in price, or even close to that, because that would be shocking. $40 burgers? $20 beers? And if food prices have only gone up by 10%-15% (which may be the case) I would likely never notice. I feel like it's mostly people who go to the same store every week and buy the same items that notice inflation.
        foundausername 4y ago
        Our electric company will give a per kilowatt charge on the bill. Just compare that to last years. I see it pretty easily when I try to budget for the months. Food (fast food) has been the worst offender. To the point where it is just as expensive as it is to eat at a full service restaurant. For me its more death of a thousand cuts style.. there isn’t just one thing that I can go and avoid.
        nightski 4y ago
        Interesting take. The only people that notice inflation are the ones that actually look at prices :) It's great you don't have to think about prices at all but that is really out of touch with most of not only America but basically the whole world...
        throwaway0a5e 4y ago
        >My electric bill fluctuates so wildly based on how much This is a beyond dishonest excuse when your utility a) is likely required by state law to publicize rate changes in some capacity b) breaks down your bill on the invoice so you know exactly how much you're paying per unit.
    - yellowcake0 4y ago
      Coffee in NYC has gone up by a significant amount, both at places like Starbucks and canned coffee that you can buy at CVS or the grocery store. I know this because I buy it everyday, and have been for several years.
      - standardUser 4y ago
        I go to Porto Rico every few weeks for a couple pounds of whole beans and I have not noticed a price change yet. I buy coffee at all kinds of different local shops, but how would I ever notice if one place is charging $0.50 or $0.75 more? I suppose I should assume they have raised prices generally, but it's clearly not enough to impact my life if I don't even notice.
    - busyant 4y ago
      i live in ct. 3 years ago, a little cup of greek yogurt was $1. then it went to $1.19. then $1.39. today it's $1.79. that's above avg, but grocery inflation has been brutal, imo
jfengel 4y ago
Prices are always rising. Even on a good day, inflation is targeted at 2%. For much of the past 15 years, inflation was under 2%, which worried the central banks -- but prices were still rising. What you can say is that 8.3% is clearly still much too high. That's true. But it's no surprise that it's still above zero, since it's widely thought that numbers below zero are dangerous, and avoided at all costs by central banks. What's required is to first reverse the moves made to get inflation back over 2%, which went on much too long. That trap sprung all at once, driven by the supply side (first the pandemic shutting down production, now the war in Ukraine). And that's what they're doing. Inflation is therefore expected to do precisely what it's doing: come down, slowly. It will take some time to shake out the price increases that we should have seen a decade ago, and more time to reach the new equilibrium when things settle out in Ukraine one way or the other.
- nightski 4y ago
  It's not that simple in my opinion. The major driver of inflation coming down was ironically energy/oil. What was unexpected was that inflation increased in many other areas. Most things went up in price from what I can tell. So I'm still optimistic and on the fence, but we may have a more stubborn problem than war in Ukraine and supply side issues.

13 points by mrep 4y ago

Maybe it's because I live in NY and everything is already so expensive, but I can not name one single item I buy regularly that has had a noticeable price increase.

Mountain_Skies 4y ago
People in "flyover country" will be glad to hear you're so insulated from what everyone else is going through.
- standardUser 4y ago
  It's a genuine curiosity, not some sort of bizarre brag. If I could name something I buy regularly that has had a noticeable price change, I would. What do you buy that has gone up by a meaningful amount?
  - foundausername 4y ago
    Some samples (Midwest suburb): * Chickenwings $.89 > $1 > $3 per wing * Subway $5 subs are now 9.89 * Lawn mowing 35 now 55 * Cars 32k now 46k * Garbage collection $30 now $45 (plus $3 gas surcharge) * Electric $200 now $350
    - standardUser 4y ago
      My electric bill fluctuates so wildly based on how much I'm at home and using the ACs that I could never differentiate inflation-related increases from changes from my own use patterns. I haven't purchased any of those other things since the start of increased inflation. I mean, I purchase food often from all kinds of different places, but I don't track prices. I don't think food and drinks here have doubled in price, or even close to that, because that would be shocking. $40 burgers? $20 beers? And if food prices have only gone up by 10%-15% (which may be the case) I would likely never notice. I feel like it's mostly people who go to the same store every week and buy the same items that notice inflation.
      - foundausername 4y ago
        Our electric company will give a per kilowatt charge on the bill. Just compare that to last years. I see it pretty easily when I try to budget for the months. Food (fast food) has been the worst offender. To the point where it is just as expensive as it is to eat at a full service restaurant. For me its more death of a thousand cuts style.. there isn’t just one thing that I can go and avoid.
      - nightski 4y ago
        Interesting take. The only people that notice inflation are the ones that actually look at prices :) It's great you don't have to think about prices at all but that is really out of touch with most of not only America but basically the whole world...
      - throwaway0a5e 4y ago
        >My electric bill fluctuates so wildly based on how much This is a beyond dishonest excuse when your utility a) is likely required by state law to publicize rate changes in some capacity b) breaks down your bill on the invoice so you know exactly how much you're paying per unit.
  - yellowcake0 4y ago
    Coffee in NYC has gone up by a significant amount, both at places like Starbucks and canned coffee that you can buy at CVS or the grocery store. I know this because I buy it everyday, and have been for several years.
    - standardUser 4y ago
      I go to Porto Rico every few weeks for a couple pounds of whole beans and I have not noticed a price change yet. I buy coffee at all kinds of different local shops, but how would I ever notice if one place is charging $0.50 or $0.75 more? I suppose I should assume they have raised prices generally, but it's clearly not enough to impact my life if I don't even notice.
  - busyant 4y ago
    i live in ct. 3 years ago, a little cup of greek yogurt was $1. then it went to $1.19. then $1.39. today it's $1.79. that's above avg, but grocery inflation has been brutal, imo

jfengel 4y ago

Prices are always rising. Even on a good day, inflation is targeted at 2%. For much of the past 15 years, inflation was under 2%, which worried the central banks -- but prices were still rising. What you can say is that 8.3% is clearly still much too high. That's true. But it's no surprise that it's still above zero, since it's widely thought that numbers below zero are dangerous, and avoided at all costs by central banks. What's required is to first reverse the moves made to get inflation back over 2%, which went on much too long. That trap sprung all at once, driven by the supply side (first the pandemic shutting down production, now the war in Ukraine). And that's what they're doing. Inflation is therefore expected to do precisely what it's doing: come down, slowly. It will take some time to shake out the price increases that we should have seen a decade ago, and more time to reach the new equilibrium when things settle out in Ukraine one way or the other.

nightski 4y ago
It's not that simple in my opinion. The major driver of inflation coming down was ironically energy/oil. What was unexpected was that inflation increased in many other areas. Most things went up in price from what I can tell. So I'm still optimistic and on the fence, but we may have a more stubborn problem than war in Ukraine and supply side issues.