Higher Gas Prices Reignite Bidenflation, Worst Monthly Inflation Increase Since June 2022

[mystery-ak]

Higher Gas Prices Reignite Bidenflation, Worst Monthly Inflation Increase Since June 2022

John Carney 13 Sep 2023

The pace of inflation in the U.S. moved sharply higher in August, pushed up by a big jump in gasoline prices.

The consumer price index rose 0.6 percent compared with the prior month, three times the monthly rate recorded in July. Compared with a year ago, the index is up 3.7 percent, more than the July reading of 3.2 percent.

The acceleration of inflation casts some doubt on how quickly the tightening of monetary policy will bring inflation back down to the Federal Reserve’s two percent goal. It also increases the odds that the Fed will hike rates another time before the end of the year.

Federal Reserve officials have said they are looking for consistent evidence over several months that inflation is moving toward its target. On a month-to-month basis, inflation fell sharply in May from 0.37 to 0.12 percent, edged up in June to 0.18 percent, and ticked down to 0.17 percent in July.

This is the sharpest monthly rise in inflation since June 2022, when the consumer price index soared 1.2 percent.

more
https://www.breitbart.com/economy/2023/09/13/higher-gas-prices-reignite-bidenflation-worst-monthly-increase-since-june-2022/

[mystery-ak]

Inflation ticked up to 3.7% in August
Zachary Halaschak


September 13, 2023 08:33 AM

Inflation increased to a 3.7% rate for the year ending in August, the second such increase after a full year of declines.

The uptick, reported on Wednesday by the Bureau of Labor Statistics in an update to the consumer price index, is some bad news for President Joe Biden, who has been trying to reassure voters that he is curbing price pressures, and for the Federal Reserve, which has desperately maneuvered to bring down inflation over the past year.

On a month-to-month basis, inflation rose 0.6%, in line with expectations.

It is important to note that the major factor driving up the headline number was gasoline prices. Gas prices rose last month and thus accounted for more than half of the headline increase. Gasoline prices rose more than 10% from just July to August alone, pushing the overall CPI higher.

more
https://www.washingtonexaminer.com/policy/economy/inflation-ticked-up-august-cpi