FOR IMMEDIATE RELEASE
October 13, 2022
Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s September Consumer Index Report:
“Price increases are not slowing down. The September Consumer Price Index rose by 0.4% on a monthly basis, a higher rate than in July and August. Housing, food, and medical care prices were major drivers.
“A persistent increase in housing, food, and energy prices -- which constitute over 50% of spending for the average consumer -- is straining household budgets. Low- and middle-income households are spending most of their income on these basic necessities despite recent increases in nominal wages.
“The Federal Reserve is expected to raise interest rates by 75 basis points for the fourth time when they meet in November. Members of the Federal Open Market Committee believe that a softening labor market and low economic growth will reduce the pressure on inflation. This would cause more pain for low- and middle-income households as they are among the first to be affected by rising unemployment.”
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.