Digital Transformation Slows Down the Global Economy
Transportation and Food Industries Show Major Price Hikes in CPI-U in the U.S.
By Shubhendra Anand , 21 December, 2023
The market condition of the United States is accelerated by the consumers' buying patterns and demands for goods and services in 2023. The United States experienced a sharp increase in consumer prices in the same year.
Many reasons are responsible for the rise in consumer prices in the United States, such as the shaking economic market condition due to disturbances in supply chains, certain geopolitical tensions in the Middle East that raised the inflation waves, and many others. According to survey reports, the consumer price index for urban consumers is at 18.7 percent in October 2023 compared to February 2020. After February 2020, the economic condition of the United States has seen massive changes. Based on the data released by the Bureau of Labor Statistics (BLS) in October 2023 shows that headline inflation is cooling down.
According to investment strategists, inflation declined from 3.7 percent in September 2023 to 3.2 percent in October 2023. The energy prices also fell behind the year-on-year headline inflation with a 2.5 percent decrease in the energy prices in the same month. The experts state that a fall in gasoline prices by 5 percent in October 2023 eased the consumers' bills.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.
Consumers Price Index Compents
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Shubhendra Anand
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