Bankruptcy: the annual inflation rate in January 2017 was 2.5%

Posted on February 27, 2017 · Posted in Bankruptcy

This actually represents an increase from 2016, when the annual inflation rate was 1.4% in January.

The annual inflation rate is in positive territory because price increases from ten of the last twelve months exceeded price decreases from the other two months.

Of course, prices do not react the same way for every category of expenses.  Over the past twelve months, the inflation rate was as follows for the following categories of spending:

Food – negative 0.1%

Housing – 3.1%;

Apparel – 1.0%;

Transportation – 4.8%;

Medical care – 3.9%;

Recreation – 1.1%;

Education & communication – negative 0.3%; and

Personal care & tobacco – 2.0%.

Over the past twelve months, there were no major price increases or decreases.

Low inflation, no inflation, and negative inflation are generally good news for most households, inasmuch as it means stable prices for those who wish to plan a budget for their living expenses.

However, for some, unexpected home maintenance, car maintenance, or family health costs can disrupt household budgets, even during times of deflation.  In these cases, borrowing may be unavoidable.  My advice is to do your best to weather the crisis.  When it is over, try to pay back the debts you incurred.  If you find that you are unable to make ends meet, Advantage Credit Counseling Service may be helpful in negotiating lower interest rates, longer terms, and lower monthly payment amounts.  If not, please do not hesitate to contact us about bankruptcy.

Stover McGlaughlin is a debt relief agency.  We are proud of our 40-year tradition of helping people file for bankruptcy relief under the Bankruptcy Code.

Serving Centre, Clearfield, Clinton, Huntingdon, and Mifflin Counties, including the communities of Bellefonte, Burnham, Clearfield, Curwensville, DuBois, Huntingdon, Lewistown, Lock Haven, Mount Union, Philipsburg, State College, and others.

276 total views, 1 views today