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November 10, 2021 at 08:02 PM
The 0.9% jump in the Consumer Price Index for All Urban Consumers in October, announced Wednesday, was one of the biggest monthly increases in the past year. The 6.2% rise in inflation over the past 12 months was the biggest since November 1990, according to the Bureau of Labor statistics.
It appears inflation may be accelerating and not “transitory” as the Federal Reserve has suggested. The Social Security cost-of-living adjustment for 2022, set at 5.9% in October, may actually come up short for beneficiaries.
Big items that hit inflation: energy, shelter, food, used cars and trucks and new vehicles. The energy index rose 4.8% over the month, as the gasoline index increased 6.1% and fuel oil jumped 12.3%. The food index increased 0.9%, while used cars and trucks came in at 2.5% and new vehicles up 1.4%.
With this in mind, we did a quick poll of Financial Planning Association and XY Planning Network members to determine how they are dealing with this rise in inflation to make sure client portfolios aren’t taking a hit. Are they hedging, leaning into the escalation or staying the course? Responses by those members are in the gallery above.
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