The Indicator from Planet Money
The cost of living, lead pipe removal, and a more expensive Mega Millions
Oct 11, 2024
Scott Horsley, NPR's chief economics correspondent, joins to unpack intriguing economic trends. They discuss the slow decline of inflation and the Federal Reserve's mixed signals on interest rates. The conversation highlights the EPA's push for lead pipe removal, enhancing public health. They also touch on the Mega Millions lottery, which has seen a price hike to $5 amid growing demand, and delve into how lottery revenues support community projects. It's a lively exploration of how numbers shape our lives!
08:53
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Quick takeaways
- Despite a gradual decline in inflation with a 2.4% rise in the cost of living, consumers still face financial pressures due to rising prices in essential goods.
- The U.S. government's initiative to replace lead pipes aims to enhance public health, delivering significant long-term benefits that exceed its implementation costs.
Deep dives
Understanding Inflation Trends
The Consumer Price Index (CPI) for September shows that the cost of living has increased by 2.4% over the past year, marking the smallest annual rise in more than three and a half years. Although inflation is declining, it is not decreasing as rapidly as anticipated, which leaves consumers facing continued financial pressure. Rising prices for groceries, particularly eggs, as well as new and used cars and auto insurance, have been significant pain points. Fortunately, wages have been increasing faster than prices for the last 17 months, allowing workers to gradually catch up with the effects of prolonged inflation.
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