Inflation continued to rise in August, adding to financial pressures plaguing American households.
The Labor Department’s Tuesday report showed that the consumer price index (CPI), a broad measure of the price for everyday goods including gasoline, groceries, and rents, rose 8.3% in August from a year ago. The report is a worrisome sign for the Biden administration which has struggled to gain control over inflation, which has reached a nearly 40-year high.
The CPI rose 0.1 percent in August after staying flat in July.
Experts shared their thoughts on the latest CPI report with CNBC sharing that the report’s result is not completely unexpected.
The New York Times reports:
Prices rose 8.3 percent from a year earlier, a rapid pace of increase for consumers and not as much of a slowdown as economists had expected, even as gas prices dropped and weighed on the overall numbers. At the same time, so-called core inflation re-accelerated notably in August. That measure strips out volatile food and fuel prices to give a better sense of underlying trends, and it tracks products like clothing and furniture along with an array of services.
The core gauge climbed by 6.3 percent in the year through August, compared with 5.9 percent in July. That pickup came partly because the August price gains are being measured against a relatively weak reading from the same month in 2021. When inflation is measured against a lower year-ago number, or “base,” it tends to appear faster.
But the report’s details also offered signs that underlying inflation pressures remain very strong. While gas prices and used car and truck costs have begun to dip, other prices are rising fast enough to fully offset those declines: Prices climbed by 0.1 percent on a headline basis over the course of the past month as prices for meals at restaurants, rents and new vehicles picked up.
The prices for goods and services excluding than food and energy, which economists refer to as “core inflation,” rose 0.6 percent in the month after rising just 0.3 percent in July. The Fed sees rising core inflation as a better gauge of overall price growth in the U.S. because it removes volatile swings in food and energy prices.
While gas prices have slightly cooled for consumers the newest CPI shows it will be longer than hoped before inflation rates begin to steady.
“Gas prices are volatile and erratic. A jump in gas prices over the winter could take us right back to the higher inflation readings seen earlier this year,” wrote ZipRecruiter chief economist Sinem Buber in a Tuesday analysis.
This story is developing. Stay with American Liberty News for the latest updates.
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Communism at full swing under Merrick yet don’t touch the corrupt bidens, their pay to play federal violations their 150 plus kickback cks, from Chinese communist to the biden crime family, turn a blind eye now, because after the midterms comes the special prosecutor office.
More lies.
biden is too stupid to even know what he is doing, pure ignorance, and incompetence on full display!