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.
