Inflation worsened last month to 3.7%

Welcome back to Mornings Untuned. Today's dollars and cents. The latest report on inflation was just released this morning in the last hour. It shows the consumer price index rose 0.6 percent in September. It's up 3.7 percent from this time last year. Joining us now to talk about this in the economy, financial advisor Chris Markowski. Good morning, Chris. Good morning. It seems to be no surprise to any of us who head anywhere to buy anything. But were you surprised by anything in the report what is your take from this morning's inflation report now it's uh you get the master of the obvious award uh with this one anybody who pays any bills knows that their prices are going up you know i i broke down some of the numbers as best i could um sure fuel oil up 74 gasoline up 34 utilities up five electricity up 4.4 food away from home 3.5 it's across the board you know the bare necessity items that we're dealing with um again you know the markets are going to be a flutter today what does this mean what's the fed going to do what are the chances of raising before the end of the year you know that doesn't really matter we can we can talk back and forth about this but until these prices you know start coming down these increases compound and that's what we've been dealing with yeah could you explain because you bring up a good point it's it's kind of uh maybe a refresher course for some of us but you're saying you know some things are up 30 percent 25 percent but yet we see this overall that 3.7 percent doesn't seem like a big deal so maybe what what does that number represent well three that's the CPI number and that's basically across the board the numbers i gave you were price changes year over year the 3.7 is basically a year-over-year number, but it's for the entire basket. I mean, you've got some items that are down. Used cars are down 1.5%. That's the one I could grab right now. New cars are only up 0.6. And how this basically filters through. This number, they always like taking a look at the overall. They also look at the core CPI, where they take out food and items that they view as a little bit more volatile. My thing is that, and I talked about this yesterday on my show, you can point back to when inflation was running much, much hotter under the Biden administration, like certain people that are running for office are doing now. It was up 9%, and that was horrible. And that's all good. They're not wrong in that assessment. But the reality is this is on everybody at this point in time, because you're not solving the problem. Prices continue to go up. People continue to feel it. They feel like they're on that never-ending hamster wheel, you know, that they can't get off of. That needs to be dealt with. And what we're seeing right now is basically nothing. You know, the information we were given in regards to this deal with Russia and diesel, that's a fugazi, like they say in Brooklyn. It's not real. That's two weeks worth of diesel fuel for crying out loud. It's not going to make a dent in what people are paying. Yeah, I'm glad you brought that up. I was just going to ask you about that because diesel prices are up despite this deal that is supposedly in the works. And there's a lot of talk about that's really not going to do anything so that you concur with that. Oh, absolutely. It's the equivalent of two weeks worth of diesel. You know, not to mention the fact how in the world is Russia going to refine diesel dealing with what they've got going on now? I mean, there are people talking about that, that Iran might have to actually refine the diesel, ship it to Russia and ship it back to the United States, which makes absolutely zero sense to me or most anyone. Yeah. And as we know, diesel is what pays all the shipping, all these items that we need to buy across the country. So that's driving those prices up. Chris Markowski, we really appreciate your time and insight. Thank you. Have a great day. You, too.