ECONOMY
USA inflation: which products increased in price in 2023 for the American pocket?
Inflation as a whole has fallen since 2022 but a few products have been rising in price much more than others.
Inflation in 2022 was running at 9.1%, the highest in four decades. It has decreased significantly by the end of 2023, now hovering around the 3.2% mark. The decrease doesn’t mean prices have decreased, only that the rate of increase has slowed.
A number of items are keeping inflation above the Federal Reserve’s 2% target. These are:
Food at home: +2.9%
Food away from home: +1.7%
Electricity: +3.4%
New vehicles: +1.3%
Apparel: +1.1%
Medical care commodities: +5.0%
Shelter: +6.5%
Transportation services: +10.1%
Some items have decreased in price, however. These are mostly the products that felt the most disruption caused by the Ukraine-War such as energy.
Energy commodities: -9.8%
Gasoline (all types): -8.9%
Fuel oil: -24.8%
Utility (piped) gas service: -10.4%
Used cars and trucks: -3.8%
Medical care services: -0.9%