US cost-of-living grew at the same pace, its slowest increase since December 2020.
My trusty spreadsheet looked at three local Consumer Price Indexes – Los Angeles and Orange counties, Inland Empire, and San Diego County – and combined them into a cost-of-living benchmark tracking the combined two-month averages of the metro area results.From the CPI’s perspective, Southern California prices rose at a 2.4% annual pace in September. That’s the slowest rate of increase since February 2021, and it’s down from 4% a year ago. By the way, inflation most recent top was at 8.
These cost-of-living cooldowns are in line with national trends. US inflation ran at a 2.4% annual in September, the lowest since December 2020. It’s down from 3.7% a year ago and a high of 9% in June 2022.The recent good news on inflation helped convince the Federal Reserve in September to end its tight-money policy that was throttling the economy. The central bank’s first interest rate cut in four years is expected to be part of an extended period of falling financing costs.
Still, many shoppers still feel the pain of a cost of living that soared since the coronavirus upended the economy in early 2020. In the past five years, consumer prices as measured by the CPI are up 23% across the nation and in the region, 25% in the Inland Empire and San Diego, and 21% in LA-OC.
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