Inflation fell slightly to 8.3% in August as pain from higher prices lingers

Inflation was little changed in the month of August, despite efforts by the Federal Reserve to cool off the U.S. economy. Data from the U.S. Bureau of Labor Statistics shows that inflation landed at 8.3% last month compared to one year ago.

Economists surveyed by Bloomberg had forecast an 8.1% annual increase. Prices increased 8.5% in July.

Gas prices have fallen for 89 consecutive days and now stand at a national average of $3.70 a gallon, though there is wide geographic variability, with most Western states still above $4 a gallon.

But food prices have remained stubbornly elevated. A separate survey released Monday from Information Resources, a technology, analytics and data provider, found prices for food at home rose 1.6% from the end of July to the end of August, and 13.4% year-over-year through the week ending Aug. 28, 2022.

Inflation is expected to remain elevated for some time, though it is expected to continue heading downward, according to the most recent New York Federal Reserve survey.