Inflation fell slightly to 8.3% in August as pain from higher prices lingers – By Rob Wile (NBC News) / Sept 13, 2022
Compared to July, inflation rose by 0.1% last month. Most Americans surveyed in a recent Gallup poll say it has had some impact on their finances.
Inflation was little changed in the month of August, despite efforts by the Federal Reserve to cool off the U.S. economy. Data released Tuesday by the U.S. Bureau of Labor Statistics showed that inflation landed at 8.3% last month compared to one year ago.
Economists surveyed by Bloomberg had forecast an 8.1% annual increase. Prices increased 8.5% in July.
Excluding volatile food and gas prices, inflation climbed 6.3% year-on-year — higher than the consensus estimate for 6.1% and an increase from last month’s 5.9% reading.
The energy index rose 23.8% over the past 12 months. That includes the cost of electricity, which saw its largest one-year increase (15.8%) in four decades, according to the data.
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