Meltdown 101: Consumer prices by the numbers
The recession delivered at least one major perk for the family pocketbook: Prices for everything from meat to heating fuel remain as tame as they’ve been in memory.
The total cost of goods rose just 0.2 percent in September, because of mostly flat prices for food, energy and shelter. And over the past year, consumer prices have fallen 1.3 percent. By contrast, economists say an inflation rate of 2 to 5 percent tends to accompany healthy economic growth.
Today’s low inflation means most families can continue to stretch their dollars as they try to save in a weak economy.
One exception is medical care, with price hikes that could resonate on Capitol Hill, where Congress is debating health care reform. Medical costs rose during September, continuing a streak of rising much faster than inflation overall.
That could hurt seniors who rely on Social Security for income. They will get no cost-of-living increase for the first time in 30 years because inflation has been so low.
One key factor is the plunge in energy prices over the past year, as gauged by the Labor Department’s Consumer Price Index. The price of food is also falling. It slipped in September for the sixth time in the past eight months.
Here are some details, by the numbers.
CHEAPER ALL AROUND
0.7 percent: Drop in cost of living over the past year for Northeastern states over the past year.
1.7 percent: The decline for Midwestern states.
1.8 percent: For Southern states.
0.8 percent: For Western states.
RISING HEALTH CARE COSTS:
3.5 percent: Rise in medical care costs over the past year.
0.4 percent: Rise in medical care costs from August to September.
21 percent: Rise in medical care costs since 2004.
13.7 percent: Rise in the cost of all goods since 2004.
FALLING FOOD COSTS:
0.1 percent: Decline in food and beverage costs from August to September.
0.2 percent: Decline in food and beverage costs from last year.
1 percent: Decline in meat prices during September.
AFFORDABLE ENERGY:
21.6 percent: Decline in total energy costs over the past year.
0.6 percent: Increase in energy prices during September.
1 percent: Increase in gasoline prices during September.
1.7 percent: Decline in natural gas costs during September.
____
AUTOS:
0.4 percent: Increase in new-vehicle costs during September.
1.6 percent: Increase in used-vehicle costs in September.
8.2 percent: Drop in cost of public transportation over the past year.
____
LODGING:
0.5 percent: Decline in all housing costs over the past year.
1.5 percent: September increase for cost of lodging away from home, such as hotels.
____
EDUCATION:
2.8 percent: Increase in education costs over the past year.
6.7 percent: Increase in book and supplies cost.
5 percent: Increase in tuition and day care costs.
CLOTHING:
1.1 percent: Increase in apparel costs over the past year.
2.5 percent: Increase in baby apparel costs.
3 percent: Increase in footwear costs.
Source: U.S. Bureau of Labor Statistics.
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