Inflation in the U.S. economy hit 8.2% in September, a sharper rise than some economists predicted, while the Core Consumer Price Index rose to 6.6%, the highest level since 1982, according to the federal Bureau of Labor Statistics (BLS).
The prices Americans are paying for food, shelter, cars, and clothing have all increased significantly since September 2021.
Airline fares are up 42.9%, eggs are up 30.5%, gasoline is up 18.2%, chicken is up 17.2%, and milk is up 15.2% since this time last year, according to BLS data.
In June of 2021, Federal Reserve Chair Jerome Powell said he believed that inflation then was only temporary and would begin to wane. One month later, President Joe Biden echoed that sentiment.
“Most of the price increases we’ve seen are . . . expected to be temporary,” Biden said.
In Maine, Number 2 heating oil prices have declined somewhat from an all time high of $5.00 per gallon.
Currently, a gallon of the oil many Mainers will rely on to stay warm this winter costs $4.38, up from $2.85 a gallon at this time last year.