It’s no surprise that prices have increased for just about everything since Russia invaded Ukraine and President Joe Biden has faced the most difficult time of any US president in modern history trying to prevent World War III . Gas is as high as almost $7.00 per gallon in California. At the grocery store consumers have been with high prices- almost double for some items.
Buying a new car, especially a luxury vehicle and you probably will pay MSRP. Many dealers are not offering attractive lease deals. In fact, some cars are coming without certain computer chips that make some premium features work and will need to be installed later by the dealer. Interest rates are going up along with home prices. Many first-time buyers are priced out of the market. Other homebuyers are purchasing homes in bidding wars, paying well over asking price.
The 30-year mortgage rate 5.06%, up from last weeks 4.91%. Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase.
The all-items index continued to accelerate, rising 8.5 percent for the 12 months ending March, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.5 percent, the largest 12-month change since the period ending August 1982.