PSCU Payments Index October 2022: Deep Dive on Utilities
Summary: As the fall season begins and we enter the last quarter of 2022, the U.S. economy continues to face persistently high inflation, a looming recession and rising energy prices. Yet consumer purchasing activity showed continued resilience in both credit card and debit card volume in September. In our October 2022 edition of the PSCU Payments Index, our Deep Dive looks into the Utilities sector as energy forecasts become top of mind heading into the winter months.
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Key takeaways include:
- Consumer spending on cards remains strong, with credit cards continuing to outpace debit cards.
- The Consumer Price Index (CPI-U) decreased on an annual basis to 8.2% in September, influenced by lower prices in Gasoline and higher prices in Shelter, Food and Medical Care.
- In this month’s Deep Dive on Utilities spending, the two main components of the sector detail the inflationary impacts of energy costs and potential concerns of “fuel poverty” as we transverse the winter months.
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