Quote:
Originally Posted by oil pan 4
Not runaway, just 20% to 30%, maybe 50% that is here to stay.
I think the consumer price index is a lie. Inflation is up more like 20 to 30%. The things least affected seem to be up 3 to 6% and that's what cpi focuses on. Things people buy a lot of all the time like energy is up 50% 100%, major buys like used cars are up 30%, want to rent a car that's uo 50%, housing is up 20% to 30% some extreme examples are over 100%.
Food hasn't gone up much yet but all the farm reports are saying to expect prices to be up 10% to 30% next year, because they are absolutely expecting fertilizer shortages.
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Gas - still cheaper than it was 10 years ago. It swings up and down wildly based on global factors. Makes sense as it is a global commodity with price set at auction
Electricity - mixed based on where you live. Up in 21 states over the last year DOWN in the rest
https://www.electricchoice.com/elect...ices-by-state/
Used cars - Way up due to a shortage of cars to buy. Fix the shortage and people wont pay more than original MSRP for a 2-3 year old car.
Rental cars - not sure how this is a "major buy" but that was a temporary spike in the summer when cars were in short supply because rental companies had sold off their fleet. Prices and availability had already returned to normal by the end of the summer.
Housing - this is by far the item likely to stay elevated because so far no one is dealing with that cause - lack of housing to buy were people want to live. That said some areas will have adjustments. When I was in Charlotte, NC I saw homes listed on Zillow for tens of thousands less than what they sold for a year ago.
EDIT: It also seems you only don't believe the consumer price index when it counters what you expect. The Consumer Price Index says used cars are up 49% since June 2020 and 30% in the last year.
https://fred.stlouisfed.org/series/CUSR0000SETA02