PHOENIX, AZ — Americans are feeling the pinch as consumer prices jumped 6.2 percent in October over a 12-month period, the highest such increase since 1990.
Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged nearly 50 percent, food prices are up 5.2 percent over the past year and demand for used cars and trucks has pushed up prices 26.4 percent.
However, the price increases vary by region. The most recently available data show how much more consumers in the Phoenix area are paying for goods and services.
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Here’s a look at how prices stood in October in Phoenix.
Overall, prices were up 7.1 percent in the Phoenix metropolitan area over the 12-month period ending in October. Here’s a breakdown of how much more residents are paying for everyday items:
Prices are 3.8 percent higher compared to October 2020. Prices for meats, poultry, fish and eggs are up 10.4 percent, while prices for daily products have actually decrease by 0.4 percent. The cost of nonalcoholic beverages has increased almost 11 percent, and the cost for fruits and vegetables went up 6.5 percent. The cost of alcoholic beverages has decreased almost 5 percent.
Prices overall are up more than 23 percent and with the biggest contributor coming from the increase in gas prices, at 46.7 percent. Natural gas service prices jumped more than 31 percent, but electricity costs only rose by 1 percent. Used cars and truck have also seen a big jump with prices up more than 25 percent.
Overall, prices are up 7.3 percent while rents are up 5 percent.
Consumer price inflation will likely endure as long as companies struggle to keep up with consumers’ prodigious demand for goods and services. A resurgent job market — employers have added 5.8 million jobs this year — means that Americans can continue to splurge on everything from lawn furniture to new cars. And the supply chain bottlenecks show no sign of clearing.
Reporting and writing from The Associated Press was used in this report.