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Government: US Inflation Rate Eased in August, but Remains High

WASHINGTON (AP) —The government reported Tuesday that consumer price increases in the United States slowed in August compared to the previous year, but the decrease was minor and may go unnoticed by financially stressed American households.카지노사이트

According to the Bureau of Labor Statistics, inflation was 8.3% on an annualized basis in August. The rate was lower than the 8.5% recorded in July and the 9.1% rate in June, which was the highest increase in four decades.

Even as gasoline prices in the United States have fallen sharply in recent weeks — down 10.6% from their peak — prices for food and apartment rentals have risen.

As a result, the government reported that consumer prices increased by one-tenth of a percent in August compared to July.

Food prices increased by 0.8% in the previous month, while housing, medical care, new cars, and household furnishings all increased in August compared to July.

Stock investors in the United States are still concerned about inflation, with major indexes falling more than 2% at the start of trading on Tuesday, an hour after the inflation report was released.

President Joe Biden was more upbeat, saying, “Overall, prices in our country have been essentially flat in the last two months, which is welcome news for American families, but there is still work to be done.”

“Since the beginning of the summer, gas prices have dropped by an average of $1.30 per gallon,” he said. “This month, we saw some price increases at the grocery store slow from the previous month, and real wages increased for the second month in a row, giving hard-working families some breathing room.”

“The prices for necessities, such as shelter, food, and medical care, continue to fuel this fire,” said Bankrate.com senior economic analyst Mark Hamrick in a statement. “The substantial decline in gasoline prices is noteworthy but does not address the overall problem with inflation.”바카라사이트

“According to the report, the food index has risen 11.4% in the last year, the largest 12-month increase since May 1979,” Hamrick said.

The Federal Reserve, the country’s central bank, has already raised its benchmark interest rate four times this year and has indicated that it plans to impose another rate hike when policymakers meet again next week, with more possible later in the year.

The rate hikes have reverberated throughout the US economy, raising borrowing costs for businesses and consumers alike, with the Fed hoping that the higher rates will dampen consumer demand and thus curb inflation.

“Inflation is much too high, and we understand the hardship it is causing,” Fed chairman Jerome Powell said earlier this year, adding that “we’re moving expeditiously to bring it back down.”

Despite high inflation, the world’s largest economy continues to add hundreds of thousands of new jobs to corporate payrolls month after month, and the 3.7% national unemployment rate in August is near a 50-year low.

The United States has recovered all of the jobs lost when the coronavirus pandemic hit the country in March 2020.온라인카지노

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