Tags: inflation | higher | consumers | age 62

Inflation Even Higher for Consumers Who Are Over Age 62

Inflation Even Higher for Consumers Who Are Over Age 62
(Michaeljayberlin/Dreamstime)

Wednesday, 12 August 2020 07:00 PM

While U.S. consumer prices in July generally rose more than economists expected, the news was somewhat worse for people over 62.

A separate Bureau of Labor Statistics index that tracks prices associated with older consumers climbed 1.3% last month from a year earlier, compared with 1% for the consumer price index overall in Wednesday’s inflation report.

The agency this month made the data available on its website; previously it was provided only on request.

The index shows inflation for decades has been rising at a faster clip for seniors than for the general public. That’s because it assigns higher weights to items -- including medical services and housing -- based on their relative importance to older people.

In 1987, Congress directed the BLS to begin calculating a consumer price index for the elderly. The BLS developed the series and reconstructed it back to the early 1980s.

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While U.S. consumer prices in July generally rose more than economists expected, the news was somewhat worse for people over 62.
inflation, higher, consumers, age 62
146
2020-00-12
Wednesday, 12 August 2020 07:00 PM
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