How Is Inflation Affecting Alabama's Food, Housing And Gas Prices?

ALABAMA — Americans are feeling the pinch as consumer prices jumped 6.2 percent in October over a 12-month period, the highest such increase since 1990.

Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged nearly 50 percent, food prices are up 5.2 percent over the past year and demand for used cars and trucks has pushed up prices 26.4 percent.

However, the price increases vary by region. The most recently available data show how much more consumers in the South Region, including Alabama, are paying for goods and services.

SEE ALSO: Why Is U.S. Inflation So High, And When Will It Ease? Explainer

Here’s a look at how prices stood in October in the South Region.

Overall, prices were up 6.6 percent in the South Region over the 12-month period ending in October. Here’s a breakdown of how much more residents are paying for everyday items:

Food and beverages

Prices are 5.1 percent higher compared to October 2020.

Prices for meats, poultry, fish and eggs are up 12.1 percent and prices for dairy products like milk are up 0.4 percent.

Gas

Prices are up nearly 55 percent and overall prices for both new and used cars are up 16.6 percent, however used cars have seen a bigger jump with prices up 26.3 percent.

Housing

Overall, prices are up 4.5 percent while rents are up 3.4 percent.

Consumer price inflation will likely endure as long as companies struggle to keep up with consumers’ prodigious demand for goods and services. A resurgent job market — employers have added 5.8 million jobs this year — means that Americans can continue to splurge on everything from lawn furniture to new cars. And the supply chain bottlenecks show no sign of clearing.

Reporting and writing from The Associated Press was used in this report.