Headline Roundup • September 13th, 2022
Inflation Rose More Than Expected in August
Summary from the AllSides News Team
Inflation rose 0.1% in August from the month before and 8.3% over the previous year, according to the Bureau of Labor Statistics.
Economists surveyed by Bloomberg expected a slower 8.1% annual growth rate for the Consumer Price Index (CPI), and Dow Jones economists expected monthly inflation to fall 0.1%. The 8.3% annual rate was down from 8.5% in July and 9.1% in June, which was a 40-year high.
Energy prices fell for the second straight month but remain 23.8% higher than a year ago. Food prices rose 0.8% in August, their slowest monthly growth rate since December 2021, but remain up 11.4% from last year. All items, excluding the more volatile food and energy indexes, are up 6.3% from last year and rose 0.6% in August from the month before.
News sources across the spectrum highlighted the inflation data as their top story Tuesday morning. Sources regardless of bias continue to display inconsistency in highlighting monthly versus annual inflation in headlines, and many fail to explain the distinction to their readers. NBC News's headline said inflation "fell slightly to 8.3%," while Fox Business's said "inflation rose 8.3%" and CNBC's said "inflation rose 0.1%." Left- and center-rated sources focused more on falling gas prices. Right-rated sources focused more on high food prices and how inflation rose more than economists predicted.
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BRANDON BELL/GETTY IMAGES
The pace of U.S. consumer price increases moderated somewhat in August but remained close to a four-decade high.
The Labor Department on Tuesday reported its consumer-price index rose 8.3% in August from the same month a year ago, down from 8.5% in July and from 9.1% in June, which was the highest inflation rate in four decades. The CPI measures what consumers pay for goods and services.
So-called core CPI, which excludes often volatile energy and food prices, increased 6.3% in August from a year earlier, up sharply from the 5.9% rate in both...
Andres Kudacki / AP file
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...
FREDERIC J. BROWN/AFP via Getty Images
Inflation rose more than expected in August, continuing to create severe financial pressure for U.S. households even as the cost of gasoline fell.
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, likely a worrisome sign for the Federal Reserve as it...
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