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CPI is a broad average number that means more to economists and politicians than the average person. There are many items that still more expensive than ever or still have a blistering rate of increase in prices.
Start with the basics: Food and shelter...
Rent +8.5 Y/Y
Increasing at rates not seen since 1980. This rapid rise in pricing has not been seen in 40 years. The pandemic created a massive shortage in housing and unaffordable prices in housing driving more people than ever to rent driving up demand.
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| Source: BofA Research BofA chart confirms Fed data showing a massive gap in average inflation of rental prices and prices remaining high. |
Electricity +6% Y/Y
Although the rate of increase as dropped dramatically in the past year, electricity has not been risen at this pace since January 2009.
Groceries, Food at home +5% Y/Y
Prices have dropped considerably over the past year but increase rates are at 2012 levels.
Water, sewage and trash services +5.75% Y/Y
Beginning in 2019, prices to remove trash, provide water and process sewage have been soaring at a rate not seen since 2013
Have a car?
Thats expensive too:
Auto Insurance Premiums +10.5% Y/Y
Insuring your car is more expensive than it’s ever been.
Gasoline Prices have been surging in July approaching $3. More expensive than a year ago
Discretionary Items.
Having fun? That's expensive too.
Restaurants, food away from home +8%
Eating out has not been this expensive since 1982, a massive increase.
Alcohol +4.5% Y/Y
Alcohol has not been this expensive since the early 90’s
Movies, theaters and concert tickets +6% Y/Y have not been this expensive in 20 years.
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| Source: Stubhub |
Want to see Taylor Swift this summer? Good luck. Tickets are going for nearly $800 for nose-bleed seats - behind the stage.
Need vitamin C?
Orange prices are up +176% in 3 years. More expensive than in 30 years.
Sources: FRED (Federal Reserve Economic Database), Trading Economics, Stubhub