CPI

Consumer prices in August climbed 0.1 percent compared to the month before, despite falling costs for gas and energy. A number of economists had been ...

[beginning to feel better ](https://www.washingtonpost.com/business/2022/09/10/economy-inflation-gas-prices/?itid=lk_inline_manual_36)about the economy, and consumer sentiment, which collapsed in June, has been inching up. Russia’s February invasion of Ukraine already caused a massive run-up in energy and gas prices this year, and White House officials are [said](https://www.washingtonpost.com/business/2022/08/26/fed-powell-jackson-hole/?itid=lk_inline_manual_30) in a closely watched speech last month. Fed watchers and the financial markets increasingly expect ... But travel may actually escape a lot of what’s happening in the economy because there’s such pent-up demand.” The Fed’s goal is to use higher rates to dampen demand in the economy, especially since its tools can’t do anything to fix issues like supply chain logjams, worker shortages or the war in Ukraine. Still, the Fed has sent a clear message: it is pressing on. “We thought we’d see inflation start to come down, and instead what we’ve seen is inflation really sort of entrenched,” said Betsey Stevenson, professor of public policy and economics at the University of Michigan and a former member of the White House Council of Economic Advisers. Costs for housing, medical care, new cars and household furnishings were all up compared to the month before. The stock market fell sharply on the news, as investors fretted that the new data would embolden Federal Reserve officials to continue raising interest rates next week in an effort to slow inflation down. The Fed and some economists prefer to focus on a measure of inflation known as “core inflation," which strips away more volatile categories like food and energy. It showed that prices were up 8.3 percent in August compared to 12 months earlier, higher than analysts expected.

US inflation was firmer than expected in August, likely keeping the Federal Reserve on track for a third-straight 75 basis-point interest-rate hike.

Falling energy prices brought down the cost of gasoline, but the mild slowdown in consumer prices is still not enough to derail the Fed's rate-hike plans.

Economists had expected prices to dip 0.1% in August over the month and slow to an 8% annual pace. - Order Reprints - BREAKING

Tuesday's US economic docket highlights the release of the critical US consumer inflation figures for August, scheduled later during the early North A.

Gold extended its slide and dropped below $1,700 for the first time in a week on Tuesday. EUR/USD came under heavy bearish pressure and lost more than 100 pips following the US inflation report, which showed a stronger-than-expected increase in Core CPI in August. GBP/USD suffered large losses and dropped below 1.1550 in the early American session on Tuesday. The author makes no representations as to the accuracy, completeness, or suitability of this information. The purchasing power of the USD is dragged down by inflation. In case the pair clears that hurdle and flips into support, it could test 1.0200 (psychological level, Monday high) and target 1.0245 (static level) afterwards.” “On the downside, 1.0100 (200-period SMA, Fibonacci 50% retracement) aligns as key support. The immediate market reaction to the report, however, is more likely to be limited as investors now start repositioning for the FOMC monetary policy meeting on September 20-21. The yearly rate is also expected to decelerate to 8.1% in August from the 8.5% previous. This could drag the US Treasury bond yields and the USD lower. This, in turn, keeps the US dollar depressed near the monthly low. We believe the YoY headline CPI should fall five-tenths to 8.0%, while core should tick up a tenth to 6.0%.”

Inflation did not ease as expected in August, with an 8.3 percent rise in the Consumer Price Index showing that the squeeze on consumers remains acute.

The global economy is slowing sharply, and threats remain to the American recovery if European sanctions force millions of barrels of Russian oil off the global market in the months to come. The National Federation of Independent Business reported on Tuesday that its Small Business Optimism Index rose in August as inflation anxiety eased, continuing a rebound from its depths earlier this year. [have](https://www.nytimes.com/2022/06/10/business/economy/may-2022-cpi-inflation.html) [repeatedly](https://www.nytimes.com/live/2022/07/13/business/cpi-report-inflation) [predicted](https://www.nytimes.com/2022/02/10/business/economy/inflation-cpi-january-2022.html)that inflation was about to decelerate only to have those expectations scuppered. Biden and his party, as Democrats seek to retain control of the House and Senate. Biden has claimed progress in the fight against inflation, including with the signing last month of an energy, health care and tax bill that Democrats called the Inflation Reduction Act. “And then of course all of this is further exacerbated by what’s going on with the war in the Ukraine.” That could be poised to continue, because those prices are closely linked to wages, which have been climbing notably as a result of a strong job market with low unemployment and worker shortages that span many fields. Last Thursday, India also [banned exports](https://www.wsj.com/articles/indias-rice-export-ban-will-further-strain-global-food-supplies-11662722548) of one kind of rice and put a tax on others, in an effort to shore up supplies and fight domestic inflation. After peaking at $5.02 in June, gasoline prices have dropped for 91 straight days, and the national average stood at just over $3.70 a gallon on Tuesday, data from AAA show. A bout of bird flu earlier this year made chickens and eggs scarce, driving up the prices of both. Stock prices swooned as Wall Street digested the possibility that the Fed might need to be even more aggressive in constraining the economy in order to wrangle an inflation problem that is worse than anything America has faced since the 1980s. Food prices in August were up 11.4 percent from the same month a year ago.

Why it matters: 12 states and Washington, D.C. adjust their minimum wages based on inflation — a move that was of less consequence when inflation was minimal.

Council](https://www.washingtonpost.com/local/dc-politics/its-official-dc-council-has-repealed-initiative-77/2018/10/16/0532341a-d0b5-11e8-b2d2-f397227b43f0_story.html). [Twitter in the political and business world spotlights](/2022/09/13/twitter-shareholders-vote-musk-zatko-whistleblower-testifies) Later Tuesday morning, we'll learn what inflation looked like in August when the CPI numbers are released. [Economic Policy Institute's blog](https://www.epi.org/blog/tying-minimum-wage-increases-to-inflation-as-12-states-do-will-lift-up-low-wage-workers-and-their-families-across-the-country/?utm_source=Economic+Policy+Institute&utm_campaign=18b4eb20c7-EMAIL_CAMPAIGN_2022_08_31_COPY_01&)on the topic. [D.C.'s Initiative 82 spurs another battle over tips](https://www.axios.com/local/washington-dc/2022/09/12/initiative-82-dc-restaurant-tips) The states that adjust to today's numbers are Arizona, which has a current minimum wage of $12.80; Maine, ($12.75); Montana, ($9.20), Ohio, ($9.30), and South Dakota ($9.95)

The US Bureau of Labor Statistics reported this Tuesday that inflation, as measured by the Consumer Price Index (CPI), decelerated to 8.3% on a yearly.

Gold extended its slide and dropped below $1,700 for the first time in a week on Tuesday. GBP/USD suffered large losses and dropped below 1.1550 in the early American session on Tuesday. EUR/USD came under heavy bearish pressure and lost more than 100 pips following the US inflation report, which showed a stronger-than-expected increase in Core CPI in August. By the close Apple reached $163.43. The author makes no representations as to the accuracy, completeness, or suitability of this information. The author has not received compensation for writing this article, other than from FXStreet. The author will not be held responsible for information that is found at the end of links posted on this page. [Read more](https://www.fxstreet.com/cryptocurrencies/news/can-apecoin-price-squeeze-to-6-after-an-explosive-start-202209130452) [AAPL soars on iPhone 14 sales](https://www.fxstreet.com/news/apple-stock-news-and-forecast-aapl-soars-on-iphone-14-sales-202209131147) It also does not guarantee that this information is of a timely nature. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. The reading was slightly above consensus estimates pointing to a decline to 8.1%. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

U.S. Treasury yields slip on Tuesday as traders awaited the August reading on consumer price inflation.

“This belief on the part of some that inflation figures are just going to collapse from here is just not reality. The U.S. - The yield on the 30-year Treasury - The yield on the 10-year Treasury - The yield on the 2-year Treasury Treasury yields surged higher on Tuesday, with the two-year maturity rising to a fresh post-2007 high, with consumer-price index inflation for August rising against expectations for a fall for the month.

Monthly U.S consumer prices unexpectedly rose in August as declining gasoline prices were offset by gains in the costs of rent and food, giving cover for ...

This is going to put the idea of transitory inflation to bed for now and anchor U.S. “It takes a long time to introduce inflation into the economy and it takes a long time for it to slow down. The key thing here is that we're now looking at near-certain odds on a 75 basis point move next week, but also potentially a 50 basis point or higher move in November." However, the real story is the fact that the core rate is continuing to rise and which now makes another 75bps hike being delivered by the FOMC this month look like a certainty. This implies the Fed will remain in tightening mode for longer and suggesting interest rates still have some way to go before they reach the terminal rate." That just shows that it is not which means that the Fed is going to remain aggressive for longer. People were expecting inflation to peak and read into that reversal and interest rates next year, which we think is just absolutely naive to think that's going to be the case. “Crude prices started to come down and people took that in recent weeks as a hint that inflation was slowing. “This suggests an aggressive move by the Fed is on the horizon. Inflation was supposed to show a cooler print, PPI tomorrow is now potentially going to be hotter too, that just suggests that it is not responding as quickly to the Fed action as everyone said it would and was supposedly happening. “I’m not surprised, I’ve been saying all along it is going to be hot, so 75 (basis points) is now locked and loaded, there is absolutely no discussion about that. “The good news is "peak narrative" holds as July was the highest print.

August CPI inflation was 8.3% versus 8.1% expectations. That sent stocks lower with the rising possibility of an additional 75-point Fed rate hike.

The contract rose 99 cents to $87.78 on Monday. On Monday, the S&P 500 index rose 1.1%. It gained $1.16 the previous session to $94. Stock markets in Europe swung from gains to losses after the report. Surveys show traders expect the Fed to raise rates this month for the fifth time this year and by 0.75 percentage points, three times its usual margin. crude fell 41 cents to $87.37 per barrel in electronic trading on the New York Mercantile Exchange. The Labor Department reported Tuesday that sharply lower prices for gas and cheaper used cars slowed U.S. Brent crude, the price basis for international oil trading, lost 50 cents to $93.50 per barrel in London. The S&P 500 sank 2.1% in early trading, after rising for four straight days. Bond prices also fell sharply, sending their yields higher, after a report showed inflation came in at 8.3% in August, instead of the 8.1% economists expected. After that, the U.S. The yield on the 10-year Treasury rose to 3.44%.

The August CPI inflation rate fell but core inflation reaccelerated, locking in a big Fed rate hike and dealing a blow to the Dow Jones.

Prices for transportation rose 0.5% on the month and 11.3% from a year ago. Core goods prices rose 0.5% on the month and 7.1% from a year ago, a tick up from July's 7% increase. But inflation has been too high for too long, so there's increased risk that households will begin to expect higher inflation in the future. Core prices are again the focus, which is a return to normal. Inflation in nonenergy services prices, which affects 56% of consumer budgets, has yet to subside, rising 0.6% on the month and 6.1% from a year ago, vs 5.5% in July. Prices for used cars and trucks fell 0.1% on the month. Even worse for the Dow Jones and broader stock market, Wall Street is now pricing in a rise in the Fed's key rate to a range of 4%-4.25% by the end of 2022. The annual core inflation rate rose to 6.3% from 5.9% in July. The 10-year Treasury yield, which closed near a 3-month high of 3.36% on Monday, rose 7 basis points to 3.43%. The core CPI rose 0.6% from July. The CPI inflation rate eased to 8.3%, retreating from July's 8.5% and June's 9.1% rate, amid falling gas prices. The CPI inflation rate continued to pull back from a 40-year peak in August, but less than expected.

The consumer price index for August was expected to decrease 0.1% from the previous month and increase 8% from a year ago, according to Dow Jones.

Within the jump in food costs, bread prices rose 2.2% on the month and are up 16.2% from a year ago. To combat the broad surge in the cost of living, the Federal Reserve has raised interest rates four times this year for a total of 2.25 percentage points. The economy has broadly struggled in 2022 after posting its best year since 1984 last year, and inflation has played a major role. However, they remained down 2.8% from a year ago. Specifically, policymakers are concerned about a huge gap between job openings and available workers as labor force participation is stuck below its pre-pandemic levels. That is the most stubborn of everything the Fed is fighting at this point." Excluding volatile food and energy costs, CPI rose 0.6% from July and 6.3% from the same month in 2021. That has resulted in rising wages that have in turn put pressure on prices. "Today's CPI reading is a stark reminder of the long road we have until inflation is back down to earth," said Mike Loewengart, head of model portfolio construction for Morgan Stanley's Global Investment Office. Markets had been widely expecting the Fed to enact a 0.75 percentage point rate increase at its meeting next week. The respective year-over-year forecasts were for 8% and 6% gains. "It's very clear to them that it's food, it's transportation and it's rent.

At 8:30 a.m., the Bureau of Labor Statistics will release the August report on the Consumer Price Index (CPI). There is good reason to expect top-line ...

The top-line will be driven by the 13 percent decline in gasoline prices and 7 percent decline in oil prices. The Fed will be making real progress on inflation when shelter price inflation starts moving downward in a significant and sustained manner, and not before. The same will be true today in the August numbers.

Inflation saw a 0.1% for August according to the CPI report, but this was almost entirely due to gasoline prices, other prices rose more than the Fed wanted ...

So markets believe that today’s report has made the Fed slightly more nervous about where inflation is trending. inflation may be trending in the right overall direction, but it’s not getting there fast enough for the Fed. The Fed wants to see a broad range of prices signal that the wave of inflation is past, that’s not a conclusion that’s easy to draw from this CPI report. So today’s inflation report despite the low month-on-month number is not good news for markets. Even though food costs rose 0.8% for the month, which is high, that’s still the lowest level of food price inflation that we’ve seen in many months. Still the CPI report was not entirely negative.

It's becoming a game of Whac-A-Mole for the Federal Reserve to keep consumer prices from shooting up. That might mean an aggressive-for-longer stance on ...

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). Futures trading in federal funds now reflects a minor probability of the Fed raising rates by 100 basis points next week and suggests the rate-hike cycle peaking at 4.25% in March 2023. Ahead of the data, interest-rate traders expected the Fed to hike borrowing costs by 75 basis points (0.75 percentage point) at the U.S. The U.S. Prices for risky assets tumbled after the CPI release, with bitcoin falling from $22,700 to nearly $21,000. The market now has to bear that adjustment." Consumer Price Index](https://in.investing.com/economic-calendar/cpi-733), which showed the 12-month inflation rate slowed to 8.3% in August from 8.5% the prior month – a tiny decrease that is likely to keep investors worried about sticky price pressures. [strict set of editorial policies](/ethics/). The CPI report had been expected to slow to 8.1%. The Federal Reserve’s target for inflation is 2% annually. [Turek tweeted](https://twitter.com/jturek18/status/1569683544661704706) after the CPI release: "I think the pricing assumption now has to be 75, 75, 50, 25. The path forward for risk assets, including cryptocurrencies, may have become more challenging.

Investors, analyst and economists alike received a harsh reality check on Tuesday as inflation for the month of August topped expectations and sent US ...

The S&P 500 Index slumped as much as 2.7%, putting it on track to snap its longest winning streak in more than two months, while the tech-heavy Nasdaq 100 Index sank 3.6%. Stocks had rallied in recent days as economists anticipated Labor Department data would show another sizable deceleration in US consumer price growth. Investors, analyst and economists alike received a harsh reality check on Tuesday as inflation for the month of August topped expectations and sent US stocks tumbling by the most more than two weeks.

At midday, the Dow Jones Industrial Average had dropped almost 900 points, down by 2.7% to 31497, the S&P 500 was down by 3.1% at 3983,...

A 75- basis point hike this month, will be the third such increase this year as rate setters seek to tame inflation which, as things stand, remains around 40-year highs. The inflation data is due out at 8.30am ET. The Fed is almost fully expected to raise the rates by another 75 basis points at next week’s FOMC (Federal Open Market Committee) meeting. What will happen after is, however, up to the data,” she said. These increases were mostly offset by a 10.6% decline in the gasoline index,” the Bureau said. “Importantly for financial markets (and the Fed), surveys of consumers’ inflation expectations are coming down from highs in line with peaking actual inflation,” he said. These expectations are likely to shore up stock prices for now. Market expectations point to a slowing inflation rate, with the headline figure seen easing steadily to 8.1% in August from 8.5% in July and the peak of 9.1% in June. US stocks were expected to continue their recent rally at the start on Tuesday ahead of crucial inflation data for August which is predicted to show that price pressures in the world’s biggest economy may have already peaked. US stocks plunged ahead of the open on Tuesday after new data from the US Bureau of Labor Statistics show inflation increased more than expected in August, likely locking in a 75 basis point interest rate hike from the Fed later in the month. US stocks opened firmly in the red after the release of hotter-than-expected inflation data for August which is expected to have locked in a 75 basis point interest rate hike by the Fed over a more moderate 50 basis point increase later this month. US indices were in the red at midday, as investor sentiment soured over the US Federal Reserve's plan to increase interest rates until it is clear inflation is on a downward path.

U.S. stocks fell sharply at the market open after August inflation data came in hotter than expected.

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It takes time for falling prices to feed into the consumer price index. Will that time be October?

The BLS view of the economy is likely to catch up to reality in the next few reports, which should show that US inflation is really starting to cool. The car market’s slowdown is likely to show up in future reports. The bureau’s next CPI report is due on Oct. Prices rose by 0.1% last month, according to the Bureau of Labor Statistics (BLS), whereas economists had expected inflation to fall by 0.1%. Economists had based their forecasts on declining prices for gas, used cars, and retail goods, which have shown up in other reports. [record-breaking drop](https://www.autoremarketing.com/wholesale/manheim-index-makes-nearly-record-breaking-drop-august)as measured by the Manheim Index.

Rates traders are now betting the Federal Reserve will lift its benchmark rate by at least three-quarters of a percentage point next week, with some chatter ...

U.S. consumer prices rise more than expected in August · Traders price in a small chance of 100 bps rate hike · Indexes down: Dow 1.87%, S&P 2.30%, Nasdaq 3.07%.

The small cap Russell 2000 index [(.RUT)](https://www.reuters.com/quote/.RUT) dipped 2.9%. But now, it seems like the destination is now a little bit more in question," said Brian Jacobsen, senior investment strategist, Allspring Global Investments. [(.SPXBK)](https://www.reuters.com/quote/.SPXBK) dropped 2.8%. 20-21 meeting, while expecting rates to peak at around 4.28% in March 2023. [(.DJI)](https://www.reuters.com/quote/.DJI) was down 848.07 points, or 2.62%, at 31,533.27, the S&P 500 [(.SPX)](https://www.reuters.com/quote/.SPX) was down 122.57 points, or 2.98%, at 3,987.84, and the Nasdaq Composite [(.IXIC)](https://www.reuters.com/quote/.IXIC) was down 470.90 points, or 3.84%, at 11,795.51. [(.VIX)](https://www.reuters.com/quote/.VIX), also known as Wall Street's fear gauge, rose to 25.74 points. [(AAPL.O)](https://www.reuters.com/companies/AAPL.O), Microsoft Corp [(MSFT.O)](https://www.reuters.com/companies/MSFT.O) and Tesla Inc [(TSLA.O)](https://www.reuters.com/companies/TSLA.O) dropped 4.1% each, while Alphabet Inc [(GOOGL.O)](https://www.reuters.com/companies/GOOGL.O), Amazon.com Inc [(AMZN.O)](https://www.reuters.com/companies/AMZN.O) and Meta Platforms Inc [(META.O)](https://www.reuters.com/companies/META.O) slid between 4.8% and 7.4%. Excluding the volatile food and energy components, core CPI increased to 6.3% from 5.9% in July. [(.SPLRCL)](https://www.reuters.com/quote/.SPLRCL). [The Thomson Reuters Trust Principles.](https://www.thomsonreuters.com/en/about-us/trust-principles.html) [(.IGX)](https://www.reuters.com/quote/.IGX), which houses rate-sensitive technology and growth shares, fell 3.8% as Treasury yields rose, while its value counterpart [(.IVX)](https://www.reuters.com/quote/.IVX) lost 2.2%. [read more](/markets/us/monthly-us-consumer-prices-unexpectedly-rise-august-core-inflation-picks-up-2022-09-13/)

New York Fed reports “steep declines” in inflation expectations, but core CPI ticks up.

You may share this content using our article tools. [https://www.infopro-insight.com/terms-conditions/insight-subscriptions/](https://www.infopro-insight.com/terms-conditions/insight-subscriptions/) [[email protected]](mailto:[email protected]) The US Bureau of Labor Statistics announced on September 13 that consumer price index (CPI) inflation was 8.3% in August, down from 8.5% in July. [[email protected]](mailto:[email protected]) to find out more. [[email protected]](mailto:[email protected]) or view our subscription options here: [http://subscriptions.centralbanking.com/subscribe](http://subscriptions.centralbanking.com/subscribe)

WASHINGTON, Sept. 13 (Xinhua) -- The U.S. Labor Department reported Tuesday the country's consumer inflation in August surged 8.3 percent from a year ago, ...

It lifted the rate by three-quarters of a percentage point in June and July, the most aggressive hikes in decades. The food index rose 0.8 percent over the month after growing by 1.1 percent in July, marking that smallest monthly increase since December 2021. Even with the recent drop, the energy index rose 23.8 percent over the past 12 months. The latest inflation report showed that the so-called core CPI, which excludes food and energy, rose 0.6 percent in August following a 0.3-percent rise the prior month. The June CPI of 9.1 percent marks the largest 12-month increase since the period ending November 1981. Labor Department reported Tuesday the country's consumer inflation in August surged 8.3 percent from a year ago, slightly down from the previous month but still at an elevated level, warranting another big rate hike by the Federal Reserve.

The Dow Jones Industrial Average slid 1276 points, or 3.9%, to 31105, the S&P 500 tumbled 178 points, or 4.3%, to 3933 and the Nasdaq...

The inflation data is due out at 8.30am ET. A 75- basis point hike this month, will be the third such increase this year as rate setters seek to tame inflation which, as things stand, remains around 40-year highs. The Fed is almost fully expected to raise the rates by another 75 basis points at next week’s FOMC (Federal Open Market Committee) meeting. What will happen after is, however, up to the data,” she said. “Importantly for financial markets (and the Fed), surveys of consumers’ inflation expectations are coming down from highs in line with peaking actual inflation,” he said. These increases were mostly offset by a 10.6% decline in the gasoline index,” the Bureau said. These expectations are likely to shore up stock prices for now. Market expectations point to a slowing inflation rate, with the headline figure seen easing steadily to 8.1% in August from 8.5% in July and the peak of 9.1% in June. US stocks were expected to continue their recent rally at the start on Tuesday ahead of crucial inflation data for August which is predicted to show that price pressures in the world’s biggest economy may have already peaked. US stocks plunged ahead of the open on Tuesday after new data from the US Bureau of Labor Statistics show inflation increased more than expected in August, likely locking in a 75 basis point interest rate hike from the Fed later in the month. US stocks opened firmly in the red after the release of hotter-than-expected inflation data for August which is expected to have locked in a 75 basis point interest rate hike by the Fed over a more moderate 50 basis point increase later this month. US indices were in the red at midday, as investor sentiment soured over the US Federal Reserve's plan to increase interest rates until it is clear inflation is on a downward path.

Blinded by hope the worst had passed, investors who spent recent sessions warming to bullish bets in stocks, bonds and foreign exchange paid a stiff price ...

Relative peace in the bond market was shattered, with two-year yields climbing the most in more than a month. Equity traders saw virtually all of a four-day surge wiped out after the government said August inflation was hotter than feared. [bullish bets](https://www.bloomberg.com/news/articles/2022-09-13/options-gamblers-crushed-in-latest-cpi-drama-for-stock-market) in stocks, bonds and foreign exchange paid a stiff price for their optimism Tuesday.

RATES traders are now betting the Federal Reserve will lift its benchmark rate by at least 3-quarters of a percentage point next week, with some chatter ...

NEW YORK (Reuters) -- Wall Street tumbled in a broad sell-off on Tuesday after hotter-than-expected inflation data dashed hopes that the Federal Reser.

"The Fed has increased [interest rates] by 3 full percentage points in the last six months," Nolte said. "And that's an anathema to equities." But we will feel it." The report points to "very persistent inflation and that means the Fed is going to remain engaged and raise rates," Nolte added. NEW YORK (Reuters) -- A broad sell-off sent U.S. stocks reeling on Tuesday after a hotter-than-expected inflation report dashed hopes that the Federal Reserve could relent and scale back its policy tightening in the coming months.

WASHINGTON, Sept. 13 (Xinhua) -- The U.S. Labor Department reported Tuesday the country's consumer inflation in August surged 8.3 percent from a year ago, ...

Labor Department reported Tuesday the country's consumer inflation in August surged 8.3 percent from a year ago, slightly down from the previous month but still at an elevated level. The Consumer Price Index for All Urban Consumers (CPI-U) ticked up 0.1 percent in August on a seasonally adjusted basis after being unchanged in July. 14, 2022 (Xinhua) -- A woman shops at a supermarket in San Mateo, California, the United States, Sept. Labor Department reported Tuesday the country's consumer inflation in August surged 8.3 percent from a year ago, slightly down from the previous month but still at an elevated level, warranting another big rate hike by the Federal Reserve. A man fuels a vehicle at a gas station in New York, the United States, Sept. The U.S. 14, 2022 (Xinhua) -- People shop at a supermarket in San Mateo, California, the United States, Sept. A price board is seen at a gas station in New York, the United States, Sept. People shop at a local supermarket in Washington, D.C., the United States, Sept. A woman shops at a local supermarket in Washington, D.C., the United States, Sept. The food index rose 0.8 percent over the month after growing by 1.1 percent in July, marking that smallest monthly increase since December 2021. The latest inflation report showed that the so-called core CPI, which excludes food and energy, rose 0.6 percent in August following a 0.3-percent rise the prior month.