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Americans Feel Pinch: Inflation Spikes, Costs Rise in Key Areas

New data from the Bank of America Institute reveals that renters and homeowners are experiencing inflation effects in different ways, with renters bearing the brunt of the impact. (Photo: Wilmoth Group)
New data from the Bank of America Institute reveals that renters and homeowners are experiencing inflation effects in different ways, with renters bearing the brunt of the impact. (Photo: Wilmoth Group)

Federal Data Shows 3% Yearly Increase, Stoking Inflation Concerns.

Stimulus and Lottery Excitement. (Photo: Chicago Tribune)

Inflation Update: Prices Rose 3.4% in December

New data shows a 3.4% increase in the overall cost of living in December according to The US SUN, signaling a slight uptick in inflation. Core inflation, excluding food and energy, was at 3.9%. Despite this, consumers’ buying power rose, and some goods like recreational items became more affordable.

READ ALSO: US Rates Rise As Bond Supply Increases And Inflation Becomes More Of A Concern

Cost Drivers: Housing and Insurance Surge

Housing and car insurance fueled the rise in consumer prices. Motor vehicle insurance increased by 20.3%, while actual car prices dropped 1.3%. Housing costs, accounting for over half the monthly increase, rose 6.2% in the past year, highlighting challenges in the real estate market. Amidst rising costs, eligible Americans will receive up to $2,100. Additionally, the thrill of unclaimed lottery jackpots adds an unexpected element. As the nation navigates economic shifts, attention turns to how policymakers and businesses will maintain a balanced and sustainable economic environment.

READ ALSO: Colorado Anticipates 2024 Tax Refund Increase Under TABOR Modification

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