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If so, you’re not alone. The current inflation rate is top of mind for many Americans as they are feeling the squeeze almost everywhere they shop.
Prices are going up and the value of money over time is going down. According to the Consumer Price Index, which is the most watched measure of the U.S. inflation rate, prices increased 6.2% in October. That’s the largest increase since November 1990. Significant price increases contributing to the overall inflation rate include:
- Used car and truck prices are up 26.4%; new vehicles, up 9.8%.
- Gasoline prices are up 49.6% over the last year; the last time they were this high was September 2014.
- Fuel oil prices have increased 59.1%.
While significantly higher than the average inflation rate, October’s numbers aren’t a sign of destabilizing hyperinflation that destroys living standards and wipes out financial systems. However, they are a big concern for consumers.