One of the good signs of September is that prices have fallen or eased in categories that were initially pushed much higher by the pandemic. These declines did not exacerbate the rise in core prices.
Used car prices fell 0.7% last month. It fell for the second year in a row after a surge in costs in the summer as consumers couldn’t find or buy a new car and instead turned to a used car.
Hotel room, car rental and airline ticket costs all fell last month as Delta Spike in COVID-19 cases restricted travel plans. Rent-a-car prices soared in the summer after many companies sold some of their rental cars. Clothing prices fell 1.1% in September, giving consumers some reassurance after rising earlier this year.
However, new cars are becoming more and more expensive, with September costs up 1.3%, up 8.7% compared to a year ago. This is the largest 12-month rise in new car prices since 1980. The shortage of semiconductors curtailed car production and reduced the number of cars remaining in dealer lots.
Household furniture prices, which faced significant shipping delays, rose 2.4% in September alone, the largest rise since 1988. In the last 12 months, furniture costs have risen 11.2%, the highest since 1951.
The cost of shoes rose 0.5% in September and 6.5% over the past year. Children’s shoes have increased by 11.9%, a record increase in data dating back to the 1950s. Most shoes are imported and may be in a supply bottleneck.
From cars to petrol, soaring prices are comparable to their 13-year highs | National News
Source link From cars to petrol, soaring prices are comparable to their 13-year highs | National News