According to the Consumer Price Index for October, it only rose 0.4% since the month before, showing it’s cooling off. Still, overall the rate of inflation is 7.7% from Oct. 2021 to Oct. 2022.
Some economists think that the rising prices are caused by the upcoming holidays as people start to spend more on gifts, travel, and food. According to CNY Central, the Harrisburg International Airport expects 25,000-26,000 passengers coming in and flying out of the airport Thanksgiving week.
Since March, planes at Harrisburg International Airport have been 90% full each month. The cost to fly has been 42.9% more expensive since one year ago.
The cost of fuel is up 19.8% for October, and is up 68.5% since last year. That plus fewer pilots causes flights to be the most expensive they have been in five years.
In addition to travel, food saw a 0.6% increase in Oct. and is 109% higher than one year ago. Many may tweak their Thanksgiving dinner plans to stay within a budget.
Though increasing numbers may happen through the holidays, the good news is some economists think inflation may drop after the holidays.
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