You Aren’t Imagining Things You Really Did Pay More For Stuff In January
You aren't going crazy, you really did pay more for 'stuff' in January. The US Bureau of Labor Statistics released their January 2022 Consumer Price Index this morning, and the cost to purchase goods rose .6% in January.
The report indicated that overall Americans are paying 7.5% more for the same goods than they were a year ago.
In January, the Consumer Price Index for All Urban Consumers rose 0.6 percent, seasonally adjusted, and rose 7.5 percent over the last 12 months, not seasonally adjusted. - US Bureau of Labor Statistics
The 7.5% increase over the last 12 months is the highest US consumers have seen since...February of 1982. When you take out food and energy costs from the index, consumers still saw an increase of 6% over the last 12 months which the report stated is the largest increase seen since August of 1982. The report continued on to state that over the last year "the energy index rose 27.0 percent over the last
year, and the food index increased 7.0 percent."
Some of the reasons January saw another increase in costs was the fact that we are paying more for items like "food, electricity, and shelter" according to the full report, which you can read here.
What is the US Consumer Price Index?
According to the Bureau of Labor Statistics the US Consumer Price Index "measures the change in prices paid by consumers for goods and services. The CPI reflects spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers. The all urban consumer group represents about 93 percent of the total U.S. population. It is based on the expenditures of almost all residents of urban or metropolitan areas, including professionals, the self-employed, the poor, the unemployed, and retired people, as well as urban wage earners and clerical workers. Not included in the CPI are the spending patterns of people living in rural nonmetropolitan areas, farming families, people in the Armed Forces, and those in institutions, such as prisons and mental hospitals."
Overall, a dollar right now just isn't going as far as it used to.
Top-10 Most Dangerous Minnesota Cities According To State Arrest Data
Iconic Mansion-Like Duluth Home Hits Market For Under $1 Million