Although official inflation rates remain low, the two spending categories driving what little inflation exists are food and fuel. New consumer spending numbers
“„But 60% of that headline consumer spending print came from food and energy — everything else rose a tepid 0.2%. In fact, spending on durables or ‘big ticket’ items rose by less than 0.1% in its weakest showing in four months. Almost all the growth was in non-durables, which surged 1.8% and most of that were groceries and gasoline — the two ‘G’s. Services eked an advance of less than 0.2%, held back by housing/utilities.