After nearly three years of stubbornly high inflation, the rate of price increases in the U.S. finally appears to be slowing down. U.S. Consumer Price Index data for October 2023 showed an overall 3.2% increase in prices year-over-year and no increase from September 2023. Two major spending categories—energy (-4.5%) and used vehicles (-7.1%)—have even declined since last October.
While the rate of price increases is falling closer to historical norms and the Federal Reserve’s target inflation rate of 2%, prices are still rising. And consumers are still feeling the cumulative effects of rapid inflation that dates back to early 2021. According to BLS data, $1 today has the same purchasing power as just $0.85 in January of 2021.
The Gwinnett Daily Post is a daily newspaper published in Gwinnett County, Georgia, and serves as the county's legal organ. The newspaper is owned by Times-Journal Inc. and prints Wednesday and Sunday each week.
