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. .
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. .
Following 12 consecutive months
of decline, annual inflation has been
on the rise for two months in a row. .
Core inflation also rose 4.3%,
matching economists' estimates.
NBC reports that gas prices increased
10.6%, driving up transportation costs. .
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. .
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