Showing posts with label grocery inflation. Show all posts
Showing posts with label grocery inflation. Show all posts

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.