Newsroom

WASHINGTON – The National Association of Federally-Insured Credit Unions (NAFCU) Chief Economist and Vice President of Research Curt Long issued the following statement after the Bureau of Labor Statistics released the consumer price index (CPI) report for September:

“According to data released by the Bureau of Labor Statistics, inflation was 0.4 percent in September while rising 5.4 percent year-over-year,” said NAFCU Chief Economist and Vice President of Research Curt Long. “This is slightly faster than last month, but still much lower than the pace since February. Prices dropped for airfare (-6.4 percent), apparel (-1.1 percent), and used cars and trucks (-0.7 percent) after rapid increases earlier this summer. Supply chains woes are still causing ripple effects that are driving up prices and limiting supply. West Coast ports recently announced that longshoremen will begin working around the clock to unload ships stuck in port.

“Large retailers are committing to increase their efforts to clear ports as well, as worries mount that inventory shortages will hamstring the holiday shopping season. The Fed remains adamant that inflation will cool over time and inflationary pressures will abate as supply bottle necks ease, but housing costs will be key. Rental Prices grew at their fastest pace since 2006 and seem sure to rise further. A rate hike appears unlikely until the latter half of next year, but the Fed’s resolve will be tested by elevated inflation readings that will last at least through the middle of 2022.”

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.