Inflation is personal

Inflation is heading the right way, but August was a hopefully temporary step backwards. 

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Inflation: It’s personal
Welcome to the Know the Difference Minute for Wednesday, September 13th.
Thanks to a more than 10% jump in gasoline prices in August, the consumer price index leapt 0.6% for the month.
Gasoline prices are very visible since you see them just about every day, but gasoline only makes up around 4% of the average consumer’s monthly spending.
You aren’t average so your inflation experience may be very different from what the government publishes.
Geographically, the average person living in the Northeast spends the least on gasoline, though they spend a lot more on public transportation.
By age category, those under the age of 25 have gasoline eating up a bigger slice of their spending than those in other age groups.
Inflation is heading the right way, but August was a hopefully temporary step backwards. Is inflation heading the right way for you? Behind the headline numbers are individuals.
I’m Brian Jacobsen, Chief Economist at Annex Wealth Management. That is your Know the Difference Minute.