Inflation report shows mixed bag with diesel fuel prices up and used car prices down
There was a flicker of positive news Thursday regarding inflation. But experts say there could be other problems coming.
The prices for used car dropped for a fourth straight month from September into October.
"It is good news because the truth of the matter is more people are able to afford to get the car that they want," says car salesman Jay Sarasky.
He says there are more affordable prices for used cars because availability is increasing, and people now have a budget set up for buying cars.
The cost of clothing, medical care and food prices were also down a bit.
However, holiday shoppers could be paying more for gifts. It could also cost them more to get to the stores.
"A person going to a garage doesn't fill up on diesel, but truckers sure do. What we're seeing now is a shortage of diesel fuel," says economist Gary Strumeyer. "And ultimately the cost of trucking gets passed on to the consumer."
Since the pandemic when the oil market crashed, oil companies have invested in refineries, which cost billions of dollars. The United States is also not currently importing diesel fuel from Russia.
Strumeyer says there is a real supply shortage, which causes prices to go up and affect the consumer.
He says it uncertain as to how to beat the increases and whether it's smart to stock up on things in case prices go up even further.