Scott Horsley - NPR
Gasoline prices tumbled 5% during October, which helped to keep overall inflation — down from 3.7% in September — in check.
The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, the Labor Department said.
Americans began the new year with a spending spree, but businesses are not sure how long it can last.
Falling gasoline prices put a dent in the July inflation rate, which fell to 8.5% from 9.1% in June. But other costs such as housing continue to climb, putting a strain on many family budgets.
The average price of gasoline nationwide is expected to drop below $4 a gallon in the coming days as prices continue to fall from the record highs hit in June.
Inflation hit a new, four-decade high of 9.1% last month, fueled in part by record high gasoline prices. Gas prices have since fallen, but overall inflation is still elevated.
The Federal Reserve raised interest rates by three-quarters of a percentage point Wednesday in an effort to combat stubbornly high inflation. It's the biggest rate increase in 28 years.
The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.
The prospect that the U.S. and its allies could impose new sanctions on Russian oil pushed energy prices sharply higher. The average price of gasoline in the U.S. hit $4.06 per gallon.
Millions of Americans are losing a lifeline as pandemic unemployment benefits expire. Research suggests the loss of aid won't do much to push people back to work, but may lead to a drop in spending.
Consumer prices rose 5.4% in the 12 months ending in July, matching the highest rate of inflation in nearly 13 years. The cost of rent, food and gasoline continues to climb.
The prices dealers pay for used cars at massive auctions across the country finally dipped in June after hitting record highs in each of the four previous months, according to the Manheim Used Vehicle Value Index.
Over the past two months, lumber prices have been dropping fast, giving weight to the central bank's argument that pandemic price spikes for many products are likely to be temporary.