JACKSON, Miss. (WJTV) – The September inflation report is in, and there’s still no relief from stubbornly high prices.
As food and rent prices continue to climb, State Economist Corey Miller talked about another costly month.
The consumer price index rose 8.2% in September, a rise in prices that was much faster than expected.
“It was certainly not what anybody was hoping to see. It was slightly above consensus forecast,” said Miller.
The price of food soared, and gas prices fell slightly, although an increase in energy is expected.
“I feel it less at the pumps now. I mean that the gallon price is down, but I feel it much worse at the grocery,” said Chris Goodwin, a Jackson neighbor.
According to Miller, the worst news coming out of the report was seen in the core consumer price index.
The core consumer price index takes everything into account except volatile food and energy prices.
“It went up 6.6% year over year. That was the largest year over year change in over 40 years. Rent and housing costs were a big driver of the increase in the CPI in September,” he said.
Medical care and the cost of new and pre-owned vehicles also contributed to the core CPI increase.
As inflation has spread to other sectors of the economy besides food and energy, Jackson neighbors are having to sacrifice even more.
“I find myself making a budget and a list and following that more closely. I buy a lot less of what I would like to have and more of what I need to have,” said Goodwin.
“Anytime we have increases in inflation like this, it tends to hit lower income people the hardest because they spend larger portions of their income on things like housing and food. As far as actually getting some relief to these prices, unfortunately it doesn’t seem like it’s going to happen anytime soon,” said Miller.
According to Miller, any decrease in prices should come in 2023.