Higher Prices Linger Despite Inflation Falling to 8.3% in August

Video Credit: Wibbitz Top Stories
Published on September 13, 2022 - Duration: 01:31s

Higher Prices Linger Despite Inflation Falling to 8.3% in August

Higher Prices Linger , Despite Inflation Falling , to 8.3% in August.

NBC reports that inflation in the United States changed little over the month of August.

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According to data released on September 13 by the U.S. Bureau of Labor Statistics, inflation landed at 8.3% in August compared to the same time in 2021.

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Bloomberg surveyed economists who had forecast an 8.1% annual increase.

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In July, prices ended up increasing by 8.5%.

While food and gas prices remain volatile, inflation has increased 6.3% year-on-year, higher than estimates of 6.1% and a monthly increase of 5.9%.

Meanwhile, motor vehicle maintenance and repair went up 1.7% and health insurance went up 2.4%.

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Meanwhile, motor vehicle maintenance and repair went up 1.7% and health insurance went up 2.4%.

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Gas prices have dropped for three months in a row reaching a national average of $3.70 a gallon.

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Food prices have remained high, climbing to 11.4% overall, compared to the same time last year.

Over that same period of time, food at home prices increased 13.5%, while food away from home went up 8%.

According to the most recent New York Federal Reserve survey, inflation is expected to remain high for the foreseeable future while it continues to crawl downward.

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According to the most recent New York Federal Reserve survey, inflation is expected to remain high for the foreseeable future while it continues to crawl downward.

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A Gallup poll released this month found that a majority of Americans say they have financially been impacted by inflation.

A Gallup poll released this month found that a majority of Americans say they have financially been impacted by inflation.

Last week, Federal Reserve Chairman Jerome Powell said the central bank feels optimistic it can continue to raise interest rates without incurring "very high social costs." .

Last week, Federal Reserve Chairman Jerome Powell said the central bank feels optimistic it can continue to raise interest rates without incurring "very high social costs."


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