Inflation Rose 3.7% in August
Annual inflation rose 3.7% in August and rose 0.6% from the month before, according to the Bureau of Labor Statistics.
The Details: Gas prices rose 10.6% from July, and prices of medical commodities (up 0.6%) and shelter (0.3%) both continued climbing. Used cars and trucks (down 1.2%) were some of the only items in the Consumer Price Index to see a price decrease from July. Core inflation, which excludes energy and food prices, rose 4.3% annually. Both the overall inflation increase and the core inflation increase matched predictions from economists.
For Context: Annual inflation has now risen in back-to-back months after 12 consecutive months of declines.
How the Media Covered It: Sources across the spectrum covered the data as a top story Wednesday, and many framed it in the context of the Federal Reserve's efforts to fight inflation by raising interest rates. Fox Business (Lean Right bias) said the report underscored "the challenge in taming high inflation." NBC News (Lean Left) said that "Broadly speaking, the central bank's effort seems to have been working."
Featured Coverage of this Story
From the LeftInflation ticks upward to 3.7% as the Fed's fight to tame high consumer prices rolls on
Prices for U.S. consumers grew 3.7% in August as gasoline prices spiked, according to the Bureau of Labor Statistics.
Inflation was about equal to expert projections, and prices rose at a faster pace than the previous month.
Economists had expected the data to show a 3.6% overall increase in inflation compared to a year ago. That makes the second time the year-on-year inflation measure has ticked upward since July after 12 consecutive months of declines.
Core inflation, a measurement of cost increases that removes energy and food prices because of...
From the CenterU.S. Inflation Picked Up in August
Inflation picked up in August as gas prices jumped, but underlying price pressures stayed mostly mild.
The consumer-price index report comes a week before the Fed’s two-day policy meeting. Officials are likely to hold interest rates steady while debating whether another increase in November or December will be needed to maintain recent progress slowing inflation and economic activity.
Economists surveyed by The Wall Street Journal had estimated consumer prices rose 0.6% in August from the prior month and 3.6% from a year earlier.
But when excluding volatile food and energy items, those...
From the RightInflation rose 3.7% in August as consumer prices heat up again
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.6% in August from the previous month, in line with estimates.
Prices climbed 3.7% from the same time last year, up from 3.2% in July. It marked the second acceleration in the headline figure in more than a year, underscoring the challenge in taming high inflation.