Those interested in the state of the economy should be aware that Core CPI rose at a rate of 0.6% in September penny là gì against the Dow Jones estimate of a 0.4% increase. The increase was driven by increases in the prices of shelter and transportation services.
Core CPI accelerated 0.6% against the Dow Jones estimate of a 0.4% increase
Despite an unexpectedly strong rise in consumer prices in October, the annual increase in the Consumer Price Index is still below market expectations. The CPI increased 7.7% for the year through October, and the average hourly wage dropped 3% from a year earlier. However, this may not be enough to keep the Fed from raising interest rates in December.
Last week, the Labor Department reported a moderate increase in unemployment benefits, which points to a tight jobs market. However, the price of food and shelter continues to rise.
Overall, the Core CPI jumped 0.6% in October, a bit better than the 0.4% increase reported in August. But this month's rise was tempered by declines in apparel and used vehicles.
The core measure remains well above its level of 1982. The Federal Reserve has taken aggressive action to tame inflation, raising interest rates several times this year. However, the pervasiveness of price increases remains a concern for businesses and consumers.
For example, the price of food at home rose 0.4% in October, the smallest gain since December 2021. The price of shelter accelerated to its highest level in more than a year, and fueled by the biggest increase in hotel costs in almost a decade.
A key category in the CPI report is the core services price. A Bloomberg study projects that this component will slow down in the next two months. This could mean slower cost increases for health insurers and manufacturers. This may mean that wages will continue to rise.
Food and energy remain the biggest drivers of the core measure. However, the year over year prices for the food component increased 7.7%, compared to a 7.9% rise in August. The price for shelter also accelerated to its highest level since January, thanks to a big jump in hotel prices.
Other services also slowed, with a 0.3% drop in communication services and a -1.3% increase in health product prices. The cost of food is still driving the price of services, and rising wages continue to contribute to inflation pressures.
Meanwhile, the price of clothing and footwear rose 2.8%, after a 1.6% increase in August. The price of meat increased 12.4%, and fresh fruit and vegetables increased 33.9% and 17.3%, respectively, after a +17.7% and +11.3% increase in August.
Tasmanian Government announced one-off $119 Winter Bill Buster discount to eligible electricity concession account holders
Earlier this week, Tasmania's Government announced a new Winter Energy Assistance Package, designed to help Tasmanians manage their power bills. This package will provide almost $17 million in assistance.
The new package is targeted at providing assistance to Tasmanians in need, helping them future proof against bill shock. The package is aimed at helping households and small businesses save money on their power bills. In addition to providing a $180 Winter Bill Buster discount for eligible electricity concession account holders, the Tasmanian Government is also providing tools and support to help people manage their power bills.
The Winter Bill Buster discount will apply to eligible customers on their first bill after 1 August 2022. For eligible customers on an embedded network, the discount will be applied automatically on their next bill. For customers not on an embedded network, the discount will apply to their next bill.
The Tasmanian Government has also announced a new Winter Energy Assistance Package for small businesses. This new package provides energy efficiency and loan schemes to help small businesses and business owners pay their power bills. It will provide interest free loans of up to $10,000 for eligible applicants.
The Tasmanian Government is also investing in energy efficient lighting, heating systems and insulation. It also invests in social housing stock to upgrade the state's social housing stock. It invests $4.5 million annually to improve social housing in Tasmania.
The Tasmanian Economic Regulator is responsible for setting prices for energy in Tasmania. It is also responsible for implementing the energy price determination. The price determination will have a significant impact on households struggling to meet their monthly bills.
The Tasmanian Government is providing targeted support for those in need, including low income households, small businesses, and retirees. It is also encouraging eligible customers to contact retailers about support options. The Tasmanian Government is also monitoring cost of living pressures on Tasmanians. It stands ready to respond to any further measures.
Tasmania is also part of the National Electricity Market. As such, it is a state that is subject to approved energy price rises. The price rises will increase household bills by approximately $227 per year for a residential customer using the median level of electricity.