Price inflation in the Riverside metropolitan area has surged by over 1% in the past two months. This increase can be attributed to higher expenses for gas and shelter, as stated in a report released on Thursday by the U.S. Bureau of Labor Statistics.
The bimonthly report from the agency covers northwestern Riverside County, as well as the cities of Ontario and San Bernardino. It revealed that the Consumer Price Index for the metro area rose by 1.4%.
The rise was primarily driven by energy prices, which increased by 10.4% from August to September. General goods and services also experienced a 4.2% increase, while property rents were up by 2.4%.
The biggest factor influencing the index was the rising costs at the fuel pump. However, natural gas prices remained low, although this may change during the winter months.
During the same two-month period, food prices saw a slight dip of 0.1%.
On an annualized basis, the CPI for the metro area increased by 4.9%, according to the BLS.
The report also highlighted that rents and energy costs were major contributors to the index on a year-over-year basis. Rents increased by nearly 10%, while energy costs climbed by 5.1%, primarily due to higher electricity expenses.
Food prices in the 12-month period ending last month were 3.4% higher, mainly driven by increased prices for fruits, vegetables, meats, poultry, fish, and eggs, according to the BLS.
The BLS report indicated that nationwide pocketbook pressure increased by 3.7% from September 2022 to September 2023.
The current rate of inflation reflects the elevated price trajectory affecting various sectors of the economy. This is the first comparable inflationary pattern recorded in the Riverside metro area since the publication of the local CPI in 2018.
The Biden administration has attributed the accelerating consumer price hikes to the war in Ukraine and resulting energy supply disruptions. However, critics have pointed to the administration’s restrictive domestic energy policies and excessive spending, including the influx of dollars from relief packages, as the root causes.
According to the U.S. Treasury Department, the national debt is approaching $34 trillion. Recent reports suggest that over $500 billion has been added to the debt in the last three weeks alone.
The Federal Reserve’s Open Market Committee has been gradually increasing its benchmark lending rate since the spring of 2022. However, the FOMC suspended action last month, leaving the rate at approximately 5.25%. These hikes are aimed at absorbing excess liquidity and slowing down spending. Another adjustment is expected before the end of the year.
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