Sharing This Good News About Our Economy
The latest statistics for our Consumer Pricing Index are promising.
Within the last year, everyone has talked a lot about rising interest rates, the shifting market, and the threats of recession. In contrast, today, I’m going to share some good news that we got recently, which is that the Consumer Pricing Index (CPI) data came in for October, and it’s promising. In a nutshell, the CPI tracks how much things cost.
It came in at 7.7%, so you could say that things cost 7.7% more this October than they did a year ago. It may not be around 2%, where the Fed wants the inflation number to be, but it is down from 8.2% in September and certainly down from the high that we saw in June at 9.1%.
This number came in below projections. A lot of economists predicted it would come in at 7.9%; however, we saw an immediate price improvement in mortgage rates, and the stock market rallied. This means that what the Fed is doing with rate hikes is working to combat inflation, and we're heading in the right direction.
I hope this finds you well, and I hope you had a happy Thanksgiving. If you have any other questions about this topic or anything else, call or email me, I’d love to be your real estate consultant.