Transportation and Food Industries Show Major Price Hikes in CPI-U in the U.S.
By Shubhendra Anand , 21 December, 2023
Oil prices have seen considerable changes in October 2023 compared to higher prices in September. The used trucks and cars also showed a price fall while housing prices increased exponentially. Only gasoline prices decreased by 5 percent in the energy sector, while others witnessed price hikes. Food prices experienced a significant increase of 0.3 percent in October 2023. The studies have proven that from the beginning of February 2020 till October 2023, the transportation sector saw an expenditure of 28.1 percent, followed by the food sector with 24.4 percent increases. The factors mentioned earlier were highly responsible for the moderation in inflation in October 2023.
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