In August, consumer prices (CPI) in the United States (US) experienced their most substantial surge in 14 months, primarily attributed to a sharp escalation in gasoline prices. However, when considering the annual increment in fundamental inflation, it marked the lowest level in nearly two years.
US CPI Rise Steeply in August
The consumer price index (CPI), the metric for tracking price fluctuations, recorded a 0.6% increase last month. Signifying the most significant upswing since June 2022. Following two consecutive months of a 0.2% incline. This data originates from the Labor Department, the authoritative source for economic statistics.
During the 12 months leading up to August. The CPI displayed a 3.7% elevation, contrasting with the 3.2% rise observed in July. This implies that the year-on-year perspective on consumer prices has witnessed a decline from its zenith of 9.1% recorded in June 2022.
The contrasting facets of inflation data in the United States have given rise to expectations that the U.S. Federal Reserve, the nation’s central bank, may opt to maintain unchanged interest rates in the forthcoming week.
This is despite the fact that there has been the most substantial surge in consumer prices witnessed in the past year.