There’s more bad news for New Jersey consumers as the fall season arrives and the holiday shopping period is (shockingly) only a couple of months away:
Inflation rose in August 2022 to 8.3%, confounding economists who had been hoping for a modest drop and representing renewed peril for Democrats running in Joe Biden’s first midterm cycle.
Nationally, the rate of inflation increased by 0.1% last month.
According to data released by the U.S. Bureau of Labor Statistics, inflation in Northern New Jersey (specifically the New York-Newark-Jersey City, NY-NJ-PA metro area) increased 0.2% from July or twice the national average. The year-over-year jump is 6.6%.
In South Jersey, the increase year-over-year is steady but higher (8.1%); the Bureau did not release the comparative increase versus July 2022.
Ten of New Jersey’s 12 members of the U.S. House of Representatives voted for the Democrats’ “Inflation Reduction Act” this summer which is expected to increase inflation rather than combative. It was a party-line vote inside the state delegation.
