Headline RoundupSeptember 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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