The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) rose 2.7% from the previous year in November, and 0.3% from October.
The index for shelter also went up 0.3% in November from the prior month, with the food index rising 0.4% and the energy index sparking 0.2% higher.
The indexes for meats, poultry, fish and eggs jumped 1.7% in November, while the indexes for beef and eggs went up 3.1% and 8.2%, respectively.
Meanwhile, U.S. homeowners now pay 17.4% more for new insurance policies as factors like inflation, severe weather and reinsurance costs impact the market, according to a report by Matic.
“The average homeowner who bought their policy in 2021 was paying nearly 69% more three years later at their 2024 renewal, or an extra $865 annually,” Matic said. “As of November, however, rate growth showed signs of tapering; the average increase for new policies dropped from 10.7% in the first half of the year to 6.6% in the second half, indicating early signs of stabilization.”
The U.S. Federal Reserve will meet this week to discuss another rate hike to curb rising costs associated with inflation. Most experts predict the fed will cut interest rates by 25 basis points on Dec. 18. The cut would bring rates down to 4.25% from 4.5%.
Inflation posted a 40-year high at 9.1% in June 2022.
The slideshow above illustrates the top 10 least expensive large U.S. cities for household bills as selected by doxo.
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