Inflation Ticks Higher Despite Fed's Ongoing Effort to Bring Down Consumer Prices

Inflation Ticks Higher , Despite Fed's Ongoing Effort, to Bring Down Consumer Prices.

According to the latest Bureau of Labor Statistics report, consumers in the United States saw prices increase by 3.7% in August.

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NBC reports that inflation rose at a faster pace than in July, increasing by 0.6% compared to 0.2%.

Ahead of the latest data, economists predicted a 3.6% overall increase in inflation compared to 2022.

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Following 12 consecutive months of decline, annual inflation has been on the rise for two months in a row.

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Core inflation also rose 4.3%, matching economists' estimates.

NBC reports that gas prices increased 10.6%, driving up transportation costs.

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However, core inflation dropped from 4.7% to 3.2% year-over-year.

If you look at what’s going on underneath the surface, core inflation continues to gradually cool.

, David Kelly, chief global strategist for J.P.

Morgan Asset Management, via NBC.

I don’t think people should look at it as some kind of revival of inflation pressure, David Kelly, chief global strategist for J.P.

Morgan Asset Management, via NBC.

NBC reports that the latest data suggests that the Federal Reserve's efforts to bring down inflation may be working.

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The Fed is in the last mile of a two-year marathon, and I think there is nothing to gain if they give up before the finish line, Beth Ann Bovino, chief economist for U.S. Bank, via NBC