Not the current rate of inflation. Inflation over the year from October 2022 - October 2023 was 3.2%.
To get to 7.5% you’d have to go back to the year from November 2021 to November 2022.
Our month to month inflation is currently about flat, meaning there was no change in prices from September 2023 to October 2023. But sometimes there’s a jump one month or a drop the next, it’s a little uneven, which is why people talk about the entire past year summed up. It’s a confusing way to phrase it though, because if you just say inflation was 3.2% in October, people often assume that means prices raised 3.2% in October. What it actually means is prices raised 3.2% over the entire past year altogether.
Anyways this is a true new record. People’s spending increases for black Friday are outpacing inflation.
Not the current rate of inflation. Inflation over the year from October 2022 - October 2023 was 3.2%.
To get to 7.5% you’d have to go back to the year from November 2021 to November 2022.
Our month to month inflation is currently about flat, meaning there was no change in prices from September 2023 to October 2023. But sometimes there’s a jump one month or a drop the next, it’s a little uneven, which is why people talk about the entire past year summed up. It’s a confusing way to phrase it though, because if you just say inflation was 3.2% in October, people often assume that means prices raised 3.2% in October. What it actually means is prices raised 3.2% over the entire past year altogether.
Anyways this is a true new record. People’s spending increases for black Friday are outpacing inflation.
https://www.cnbc.com/2023/11/14/cpi-inflation-report-october-2023.html
https://www.usinflationcalculator.com/inflation/historical-inflation-rates/