Sometimes you have to take matters into your own hands.
The government shutdown ended a while ago, but there’s been at least one lingering effect: a lack of inflation data.
The last CPI report was for September and released way back on October 24. November’s inflation report — sorry October, we’ll catch you next year — was scheduled to drop December 10, but got bumped to December 18.
But who wants to wait another two-plus weeks?
Business Insider took matters into its own hands, surveying readers about how prices have changed. We heard from roughly 200 of you, and BI’s Madison Hoff has the results, along with some personal anecdotes from readers about what they are seeing.
Unfortunately, one area readers feel prices keep climbing is something they can’t skip: Food. Whether it’s groceries (90%) or dining out (87%), the vast majority said those prices have gone up.
The data shows the affordability issue that many Americans say they’re facing.
Despite a stock market that continues to rise, people are finding themselves stretching their budgets. And unlike luxury items that one can hold off on purchasing, groceries are a day-to-day expense that Americans continue to feel the pain of.
“It’s so frustrating that people like us who are financially responsible, who are doing everything right, are still just feeling like we’re stretched every step of the way,” one reader told Madison.
That puts the Fed in an interesting position when it comes to rate cuts.
Central bankers will convene next week for their final meeting of the year. As always, Jerome Powell and co. aim to strike a balance between keeping inflation in check and maintaining a robust job market.
While our survey is far from scientific, the main takeaway is clear: most people feel prices keep going up. If you’re looking to address those concerns, cutting interest rates risks pushing inflation (and prices) even higher.
On the other hand, the job market remains largely frozen. And the best way to kickstart things on that front would be to continue easing up the policy.
So what will the Fed do? Wall Street seems bullish on another cut, with 87.6% of interest-rate traders betting on one next week, according to CME FedWatch.
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