CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUNA Economics: Inflation Cools in October
Press

CUNA Economics: Inflation Cools in October

November 10, 2022

FOR IMMEDIATE RELEASE   
November 10, 2022
Washington, D.C.

Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Labor Department’s October Consumer Price Index Report:     

“The Consumer Price Index (CPI) rose 7.7% relative to a year ago. This is the lowest increase for the year as prices for used cars, air travel, and medical care declined in October. The increase in core-CPI (prices excluding food and energy) also slowed down from 0.6% in September to 0.3%. CUNA forecasts inflation by year-end will be 7.5%. 

“Housing price contributed for over half of the 0.4% increase in overall monthly prices. If housing remained flat compared to September, the annualized October inflation would have been lower than 2.4%. There is a lag of up to 18 months between current market price and the CPI for housing. The CPI reflects increases from a few months ago but current market price for housing is cooling down.  

“Overall, the October inflation report shows signs of prices slowing down. A 7.7% headline inflation is still much higher than the Federal Reserve's target. Hence, the Fed may raise interest rates by 50 basis points in December.”  

###     

About CUNA:           
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.

CONTACT:          
CUNA Communications        
strategiccommunications@cuna.coop

Credit Union Magazine: Summer 2023

Summer 2023

Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
Digital Edition •  Subscribe

Trending

  • CUNA, League, credit union-opposed interchange bill reintroduced

  • CUNA, Leagues issue action alert in opposition to interchange bill

  • CUNA urges Congress to oppose interchange legislation

Tweets by CUNA_News

Polls

Do you think ChatGPT will become useful for credit unions?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us