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US experiences biggest jump in inflation in over a year
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oliver clotheshoffe Regular Member
Posts : 1724 Join date : 2019-02-04 Age : 65
Subject: US experiences biggest jump in inflation in over a year Wed Sep 13, 2023 12:09 pm
After a year of easing inflation, the U.S. experienced its highest inflation rate increase in over a year last month, as the prices of goods and services continue to rise at high levels.
According to consumer price index data released Wednesday by the Bureau of Labor Statistics, the price of goods and services increased by 3.7% in the 12-month period ending in August. Increases in the cost of shelter and food largely drove the increase.
The prices of goods and services increased 0.6% in August alone, the Bureau of Labor Statistics said. August marked the highest one-month increase to the consumer price index since June 2022.
Shelter costs rose 7.3% in the last year, while food increased 4.3%. The data noted, however, that the price of food purchased at grocery stores increased a mere 3% while food away from home increased 6.5%.
The new data strongly indicates that the Federal Reserve is poised to raise interest rates again. The base interest rate currently stands at a 22-year high of 5.25%-5.5%.
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