High inflation persists with shelter costs continuing to skyrocket

According to consumer price index data released Thursday by the Bureau of Labor Statistics, the price of goods and services increased by 3.7% in the 12-month period ending in September. Increases in the cost of shelter and food largely drove the increase.

The new data will help the Social Security Administration decide how much beneficiaries will get in their yearly cost-of-living adjustment. Energy costs remain slightly cheaper than a year ago, as overall Americans are paying 0.5% less than a year ago in energy.The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy tend to be weighted more heavily.

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