Cost Of Living In The USA Is Higher Than The Announced Inflation Rate

Cost Of Living In The USA Is Higher Than The Announced Inflation Rate The cost of living in the USA is higher than the announced inflation rate. Harvard Business School faculty member Alberto Cavallo reported that in the country, grocery shopping products, which were rapidly exhausted during the epidemic, experienced higher inflation than the costs of some purchases without priority, such as gasoline. There is a reason behind the increase in living costs is faster than the official inflation rate of 1.3 percent in the USA, which has gone through a difficult period in the fight against coronavirus. According to Harvard Business School Professor Alberto Cavallo, the annual inflation rate for coronavirus-related purchases is 1.85 percent, or half a percentage point higher than the Consumer Price Index. Cavallo reported that there was more inflation in the prices of grocery shopping products and even the prices of products such as paper towels, compared to the costs of some non-priority purchases such as gasoline, during the epidemic period. The deviations stated in the Official Consumer Price Index report can be seen in second-hand automobile prices, which experienced the biggest monthly rise since 1969 in August. In her statement Kathy Bostjancic, Oxford Economics Economics expert said "The rise in prices of used cars and trucks over the past two months may reflect the growing demand of city dwellers who no longer prefer public transport and people who need a car when going out of town."