Despite slight fluctuations in some sectors, inflation in the United States remains a cause for concern. While the overall inflation rate reflects marginal changes, the core prices, such as food and energy, continue to surge — a sign of sustained challenges just a few days before we enter the next year.
In a study by WalletHub’s 2023 on holiday shopping, at least 34% of respondents expressed they won’t be buying Christmas presents due to financial woes. Many Americans opt to skip and cut back holiday traditions because of inflation.
The survey also reports that about 19 percent of respondents will apply for a new credit card to supplement holiday shopping, this reflects how many Americans juggle their finances. About 28 percent of these respondents plan to reduce holiday spending compared to last year.
More than 1 out of 3 shoppers choose experiences with loved ones over traditional gift exchanges, according to NerdWallet’s 2023 holiday shopping report.
Newsweek also reported that “roughly 75 percent of Americans plan to cut non-essential expenditures in the next six months.
“Shoppers generally spent less on clothing (63 percent), restaurants and bars (62 percent), and entertainment outside the house (56 percent) this year, according to a CNBC survey spanning more than 4,000 U.S. adults. Groceries, vacations, and electronics also got significant cuts.”
Last month, the general price index reported only a 0.1% increase from October, this is mostly influenced by the lower cost of gasoline. The service sector, a significant sector in the economy, continues to skyrocket, with a monthly increase of core prices by 0.3% every month and a solid 4% increase per year.
Interest rates are at 5.25% and 5.5%. Prolonged price pressures influence core price surges. The inflation rate fails to hit the Federal Reserve’s 2% target. The current trajectory still projects a high inflationary environment. Despite the decline in gas and energy prices, housing-related costs continue to surge.
“The index for shelter continued to rise in November, offsetting a decline in the gasoline index,” the Labor Department said. “The energy index fell 2.3% over the month as a 6.0% decline in the gasoline index more than offset increases in other energy component indexes.
“The food index increased 0.2% in November, after rising 0.3% in October. The index for food at home increased 0.1% over the month and the index for food away from home rose 0.4%.”
“Four of the six major grocery store food group indexes increased over the month,” the Labor Department said. “The index for cereals and bakery products rose 0.5% in November after rising 0.2% in October. The fruits and vegetables index increased 0.3% over the month, and the nonalcoholic beverages index rose 0.5% in November.
The Republican Party has to get united and Congress needs to impeach this illegal president out as well as the idiot nonblack woman word salad Harris out. The American people need to wake up and rather you like him or not President Trump has a positive track record and can straighten out the mess we are in. Also catch and deport and any babies born in America by a illegal doesn’t receive citizenship and deported with the parents. We have to abolish the Communist Democratic Party.
Yes I agree wholeheartedly Joe Biden is sectioning our country & needs to be stopped ASAP!
FYI: I didn’t say sectioning in my comment I said destroying I guess I got fact checked???
Leftism (liberalism) is a global cancer embraced by the democrats. America first not America last. Trump is the only hope to get America back to its heydays.