US inflation rose by a higher-than-expected 8.3% in August despite falling gasoline prices — adding pressure on the Federal Reserve as it decides whether to impose another super-size interest rate hike.
The August reading of the Labor Department’s Consumer Price Index, a closely watched measure of the costs of goods and services, rose 0.1% compared to July — surprising economists who had expected a slight month-over-month decline.
The higher-than-expected number was driven partly by stubbornly high prices for food and housing that continue to slam American households. Core inflation, which excludes volatile food and gas prices, rose 6.3% year-over-year — up sharply from the rate of 5.9% seen in June and July.
— Read more at the NY Post
Inflation rose faster than expected in August, keeping prices painfully high
The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.3% in August from a year ago. Prices climbed 0.1% in the one-month period from July.
Those figures were both higher than the 8.1% headline figure and 0.1% monthly decline forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign. Stock futures tanked on the surprisingly hot report, with the Dow Jones Industrial Average down more than 400 points.
— Read more at Fox Business
MARKET SPIRAL: Dow plunges nearly 900 points as inflation skyrockets in Augusthttps://t.co/8ssxBNqmsK
— FOX Business (@FoxBusiness) September 13, 2022
Aren’t you stupid, foolish, Democrats soooo happy that you voted for this treasonous, overspending, hateful, destructive, socialist Democrat Party and their corrupt, demented puppet president to look after you?
Your not going to be happy as a servant, subject, slave and wards of the Democrat Party cabal.
The Biden White House is celebrating the INFLATION REDUCTION ACT this afternoon. Whose idea was that? This is the most tone deaf administration ever.
IMO ITS More that they don’t CARE what the facts are.