AIER’s Everyday Price Index rises 0.67% in February 2023
The American Institute for Economic Research (AIER) has released its latest report on the Everyday Price Index (EPI) for February 2023, revealing a 0.67% increase in prices compared to the previous month. The EPI is a measure of the prices of goods and services that are commonly purchased by households in the United States. It is designed to provide a more accurate reflection of the cost of living than traditional inflation measures, which often focus on a narrower range of goods and services. According to the AIER report, the rise in the EPI was driven by increases in the prices of food, housing, and transportation. Food prices rose by 1.2%, with the cost of meat, poultry, and fish increasing by 2.3%. Housing costs also rose by 0.9%, with rent prices increasing by 1.1%. Transportation costs increased by 0.8%, with the cost of gasoline rising by 1.5%. The report also noted that the EPI has risen by 2.1% over the past year, indicating a steady increase in the cost of living for American households. This trend is likely to continue in the coming months, as the economy continues to recover from the COVID-19 pandemic and demand for goods and services increases. While the rise in the EPI may be concerning for some households, it is important to note that the AIER report also highlights the positive impact of technological advancements on the cost of living. The cost of communication services, for example, has decreased by 1.2% over the past year, thanks to the increasing availability of affordable internet and mobile phone plans. Overall, the AIER’s latest report on the EPI provides valuable insights into the current state of the US economy and the cost of living for American households. While rising prices may be a cause for concern, it is important to remember that technological advancements and other factors can also have a positive impact on the cost of living over time.