US economy: Inflation rising, national gas prices, cost of living

Welcome back. 724 now. The cost of living concerns were top of mind for voters last week and it remains a big issue after Election Day with yesterday's release of October's inflation numbers showing prices are still on the rise. Prices rose by a whopping 0.4 percent from September to October, a higher jump than many. An economist predicted one of the biggest drivers is the cost of food, while the war in Iran's effect on diesel prices driving up the price of everything else. On a three-month basis, annual inflation is now running at 3.75 percent. That's the highest in two and a half years. Inflation is still too high, and just going to the grocery store can take a huge chunk out of a family's budget. The jump in prices is lower than September, but still much higher than the Fed's target rate. We've seen rising costs for four straight months now. And with these latest inflation numbers, the Fed is expected to raise interest rates at its December meeting. Well, a big milestone for American drivers. The national average for gas prices has dropped below $4 a gallon for the first time since mid-July. AAA says the national average fell to $3.98 a gallon. Diesel remained high at $6.16 a gallon. It all followed a large drop in oil costs. Brent crude futures briefly fell below $90 a barrel Tuesday morning for the first time since August. After plunging 13% last week, and that is the steepest one-week decline since the pandemic shutdown in April of 2020. But gas prices here in Washington are much higher. In our state, prices are sitting a full dollar higher than the national average. A look at prices around the sound, and the average gallon of regular gas in King County will run you $5.22. In Pierce County and Snohomish, gas is actually under the $5 line. Pierce County sitting at an average of $4.95 a gallon and the average price in Snohomish coming in at $4.87.