CPI Data Explodes: Consumer Prices Jump 35%
Key Points
- Consumer prices have skyrocketed by 35% in the past year.
- The Consumer Price Index (CPI) measures the average change in prices over time for a basket of goods and services.
- In Indonesia, the CPI increased to 105.19 points in January 2024 from 105.15 points in December 2023.
Breaking News
The latest Consumer Price Index (CPI) data released by the Bureau of Labor Statistics shows a significant increase in consumer prices. Over the year ended March 2024, the CPI surged by 35%, the largest 12-month increase since the period ending November 1990. This means that consumers are paying significantly more for everyday goods and services than they were a year ago.
The CPI measures the average change in prices over time for a basket of goods and services, including food, housing, transportation, and medical care. The increase in the CPI is largely due to rising energy prices, supply chain disruptions, and increased consumer demand. Food prices have been particularly volatile, with the cost of groceries rising by 10.8% over the past year.
The rising cost of living is putting a strain on household budgets, particularly for low-income families. The Federal Reserve has been raising interest rates in an effort to combat inflation, but it remains to be seen how effective these measures will be in bringing down prices.
Comments