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September inflation dipped fractionally to 8.2%, while the consumer price index (CPI) rose markedly to 0.4%. Social Security to get the highest increase in 40 years. Stocks plunge on inflation data and more financial news.
The annual US inflation rate in September hit 8.2% year-over-year, compared to 8.3% in August, showing inflation remaining steady at multi-decade highs, according to data from the Bureau of Labor Statistics released on Thursday.
The Biden administration’s Inflation Reduction Act is set to take effect over ten years; however, at least two separate models predict the impact of the Act on inflation would be statistically insignificant.
The consumer price index (CPI) for September quadrupled to 0.4% compared to 0.1% for August, NBC reported. The rise was due to soaring prices for food, shelter, and medical care.
With inflation at record highs, Social Security beneficiaries are set to get an 8.7% increase in benefits for 2023, the largest increase in 40 years, CNBC reported.
The cost-of-living increase (COLA) was announced by the Social Security Administration on Thursday, which will result in an average benefits increase of more than $144 per month starting in January 2023.
The 8.7% increase tops the 5.9% increase beneficiaries received in 2022, which at the time, was the highest in four decades.
Following the Labor Bureau’s report on inflation, investors are placing bets on more big Fed rate hikes that had Wall Street and world stocks heading for the seventh day of declines. US inflation news reignited a global selloff. The dollar gained again, however, the yen fell to a new 1998 low, Reuters reported.
The United States has recently put forth a gargantuan effort to move toward electric, zero-emission vehicles, as well as making sure America has an adequate supply of EV battery components.
All totaled, investments for the US exceed $40 billion aimed at making the US the new “battery belt” with at least 15 new plants or expansions underway, Electrek reported.
Congress recently passed the CHIPS and Science Act, providing $52.7 billion in investments to establish a reliable domestic supply chain. The Biden administration signed The Bipartisan Infrastructure Law in November 2021, which included some $7.5 billion to build an EV charging network in funding while also setting a goal for 50% of overall vehicle sales to be electric by 2030.
