In a blow to efforts to contain inflation, the Consumer Price Index rose 0.1% in August, defying predictions by economists that it would fall more than ten times that figure. The year-over-year inflation rate fell from 9.1% in June and July to 8.5%—half a percentage point higher than predicted by a MarketWatch consensus forecast released earlier this week.
While the price indexes for gasoline and fuel oil both fell by more than 10%, prices for most other items—including food, new vehicles, shelter, and medical care—generally increased by roughly 0.8% to 1% each. Compared to August 2021, prices for food are up 11.4% and energy prices are up 23.8%
What do these increases mean for you? Read further with Rivet|MRO to learn more, today!