Showing posts with label Atlanta rent. Show all posts
Showing posts with label Atlanta rent. Show all posts

Thursday, November 10, 2022

Consumers in the Atlanta area saw some slowing of inflation in October although annual increases remained above the national average

The Consumer Price Index for All Urban Consumers in the Atlanta-Sandy Springs-Roswell, Ga., metropolitan area rose 10.7% in the 12 months ending in October according to new information released by the U.S. Bureau of Labor Statistics.

Because BLS publishes the full CPI index only every two months for the Atlanta area, there is no comparable 12-month increase available for the year ending in September. For the 12 months ending in August, the all-items index rose 11.7%.

Nationally, consumer prices rose 0.4% over the month and 7.7% for the 12 months ending in October.

Food at home

Consumers in the Atlanta area saw no net increase in their costs for food at home in October after seeing a 1.0% increase in September. October was the first month since last November that consumers had seen no increase in their monthly grocery bill. For the 12 months ending in October, food at home costs rose 14.0%, below the 15.5% increase posted for the year ending in September.

Shelter

Costs for shelter in the Atlanta area rose 0.7% in October after increasing 1.0% the previous month. For the 12 months ending in October, the index rose 13.2%.

In October, rents increased 0.5% over the month. Since last October, rents in the Atlanta area have risen 12.2%.

Owners’ equivalent rent of residences advanced 0.8% in October, smaller than the 1.3% rise recorded in September. Over the past 12 months, owners’ equivalent rent has grown by 14.0%, the same annual increase recorded in September.

Gasoline

Gasoline prices continued to decline in October although at a slower pace. Over the month, gasoline prices in the Atlanta area dropped 1.5% after declining 13.6% and 8.1% in August and September, respectively.

For the 12 months ending in October, gasoline prices rose 3.4%, as the Georgia governor continued his moratorium on the state’s fuel tax. The annual increase was the smallest recorded since January 2021 and follows 19 consecutive months of annual increases in the double digits.

Atlanta compared to the U.S.

Nationwide in October, costs for food at home increased 0.5% over the month and rose 12.4% over the year.

Looking at national data, rent increased 0.8% in October and increased 7.5% for the 12 months ending in October.

Owners’ equivalent rent of residences increased 0.7% over the month for the nation and rose 6.9% over the past year.

Gasoline prices moved up 3.1% in October nationwide resulting in a 17.5% rise since last October.

Thursday, October 13, 2022

Atlanta area consumers continue to face rising costs as grocery prices rise 15.5% over the year, the fastest increase since the 1970s

Consumers in the Atlanta area continued to see significant increases in their grocery costs, rent, and gasoline costs in September, according to new information provided by the U.S. Bureau of Labor Statistics.

Food at home

Atlanta area consumers saw their grocery food costs rise by 1.0% in September, which despite being a significant monthly increase, was the lowest monthly change since December. Between January and August of this year, monthly food costs had increased between 1.1 to 2.0% each month.

As a result of the continued large monthly increases, costs for food at home advanced 15.5% over the year. Consumers in the Atlanta area are experiencing annual increases in grocery costs that have not been seen since 1974, which means most Atlanta consumers have not seen these levels of increases in grocery costs in their lifetimes.

A full list of changes in consumer prices for all urban consumers in the Atlanta-Sandy Springs-Roswell, Ga., area, not seasonally adjusted, is provided by BLS for even-numbered months, while a partial list is provided in odd-numbered months (January, March, May, July, September, and November).

Shelter

For most consumers, housing comprises the largest part of their budget, followed by food and transportation.

In September, rents increased 0.9% over the month, the smallest monthly increase since March. Over the year, rents in the Atlanta area rose by 12.9%, a smaller annual increase than recorded in August. Renters would have to go back to 1980 to see the equivalent of the annual rent increases being experienced in the summer of 2022 in the Atlanta area.

Owners’ equivalent rent of residences advanced 1.3% in September, less than the 1.7% increase recorded in August. Over the past 12 months, owners’ equivalent rent has grown by 14.0% making it nearly equivalent to the 12-month increase recorded in August.

Gasoline

Gasoline prices declined for the third consecutive month, dropping 8.1% in September, a smaller decrease than experienced in August. Despite recent declines, gas prices in the Atlanta area stood 10% above the levels recorded in September 2021. The increase comes despite the Georgia governor’s decision to continue to suspend the state’s motor fuel tax, which moderated the cost of gasoline to consumers in the state.

Atlanta compared to the U.S.

Compared to the U.S. overall, Atlanta consumers are experiencing faster rising costs for food at home, rent, and owners’ equivalent of rent, while seeing slower increases in the cost of gasoline.

Nationally, costs for food at home increased 0.6% over the month and rose 13.0% for the 12 months ending in September.

Rent increased 0.9% over the month and rose 7.2% over the year, while owners’ equivalent rent advanced 0.8% over the month and 6.7% over the year.

Gasoline prices for the nation fell 5.6% in September, but posted a 18.2% increase for the 12 months ending in September.

Wednesday, August 10, 2022

Atlanta area inflation in July for key items remains a problem for consumers

 

Costs for food at home and rent remained elevated in July, although gas costs declined after rising in the previous two months.

While the All-Items index in Atlanta-Sandy Springs-Roswell, Consumer Price Index for All Urban Consumers, is published only for even numbered months, the U.S. Bureau of Labor Statistics does produce a few numbers for the Atlanta area on a monthly basis and these are now available for July 2022.

In July, costs for food at home rose 1.9%, the seventh consecutive month that this index has posted a monthly increase of greater than one percent. Over the first seven months of 2022, costs for food at home have increased 11.3%, while over the past 12 months, the index has risen 13.0%, the highest 12-month increase since BLS began posting monthly changes in 1999.

Rent of primary residence increased 1.0% in July, a smaller monthly increase than was posted in May and June of this year. So far in 2022, rent costs have risen 6.5% and have increased 12.8% over the past 12 months. As with food at home, this is the highest 12-month increase since BLS began posting monthly changes in 1999.

Gasoline costs dropped 6.6% in July, after rising in May and June. Despite last month’s decline, gasoline prices have increased 30.3% since the beginning of 2022 and have risen 39.6% over the past 12 months. This increase has occurred despite the governor’s order since April to suspend the collection of motor fuel and diesel fuel taxes. Without this suspension, retail gasoline costs would have been even higher.

National comparisons

Comparing increases in consumer costs for the nation with those in the Atlanta area, costs for food at home have risen at approximately the same rate nationally as in the Atlanta area, while the Atlanta area continues to see faster rising rents. Nationally, rent of primary residence has increased 6.3%, less than half of the rate of increase recorded in the Atlanta area.

Gasoline costs have risen at a slightly slower rate in the Atlanta area than for the nation, which posted in July a 12-month increase of 44.0%. While a few states, including Connecticut, New York, and Maryland, have suspended their state motor fuel taxes, which offsets a portion of the cost increase for consumers and subsequently lowers the index for gasoline (all types), most states continue to collect their tax.