New September inflation data shows that consumer prices spiked much higher than economists had predicted, rising to 8.2%, just below August’s record-high 8.3%. It still spells bad news for the Federal Reserve as it tries to bring the rate of inflation back under control.
Increased inflation is affecting areas of life beyond the cost of food and rent. Local and county government workers are looking at big health insurance increases spurred — in part — by rising inflation. County and municipal leaders say that could trigger property-tax hikes and even layoffs; they have asked Gov. Phil Murphy and legislative leaders to provide immediate cash assistance.
