Inflation Still High, But Slowing
Economists say the rate of inflation is continuing, but at a slower pace than last month.
During September, inflation rose to 8.2% but that slowed for October to 7.7%.
The continued increase is being blamed on the three most essential factors money has to be spent on to insure survival, gasoline, food and shelter.
Put in simple terms, something that you could have bought for $1.00 a year ago will cost $107.70 today, gasoline certainly being an exception.
Considering the latest increases in interest rates, it was cheaper to buy a house or a car one year ago than it is today. Whatever the typical household buys in a month today is costing $445 more than those same items cost 12 months ago.