Inflation hits 8.3% in August — worse than expected despite falling gas prices

NY Post ^ | September 13, 2022 | By Thomas Barrabi

[Oldeconomybuyer]

US inflation rose by a higher-than-expected 8.3% in August despite falling gasoline prices — adding pressure on the Federal Reserve as it decides whether to impose another super-size interest rate hike.

The August reading of the Labor Department’s Consumer Price Index, a closely watched measure of the costs of goods and services, rose 0.1% compared to July. Economists had expected a slight month-over-month decline.

American households remained under severe pressure. Core inflation, which excludes volatile food and gas prices, rose 6.3% year-over-year and 0.6% compared to July.

Headline inflation ticked lower as gas prices continued to recede from record highs reached in June. The national average price of a gallon of gas was $3.707 as of Monday, down from a peak of more than $5 in mid-June.

But the price of other daily necessities such as food, rent and many consumer goods have stayed uncomfortably high for cash-strapped Americans.

[MinorityRepublican]

I would hope so. Not to labor the point on abortion but despite all the hoopla, all a person needs to do is go to another state if they really are intent on an abortion.

Yep. The silver lining is that I think it'll probably persuade Californians to stop moving to Austin. We'll see if that is going to be the case.

[Sam Gamgee]

LOL. Please God yes. The governor of Texas should run ads through the midterms reminding Californians of that. My wife is from Colorado, and the state has only turned blue because of Californians.

[rb22982]

Might take a bit longer than Christmas but it will go back there in q1 or 2 next year

[Mr.Unique]

Amazing how bad news for Democrats is always “unexpected”

and then closely followed by “forgotten“.

[CatHerd]

Meanwhile, China has been topping off its reserves, including with oil sold from our SPR.

[Diana in Wisconsin]

“US inflation rose by a higher-than-expected 8.3% in August...”

*DRINK*

My liver BARELY survived the 0bama Reign of Error! Ugh!

[Diana in Wisconsin]

[Diana in Wisconsin]

Propane, canning jars, lids and rings. ;)

[DAC21]

“Shut up and buy an EV you loser. They are only $60K.”

Oh and while you are shutting up, don’t forget that $3000 level 2 home charger.

[blam]

"Propane, canning jars, lids and rings. ;)"

Ahem.

[Diana in Wisconsin]

:)

[xzins]

If people have stopped driving, then they’ve cut back on impulse buying. Something has to change in a business owner’s calculations. You cut workers, you increase prices, you cut hours, ... something.

[central_va]

What’s wrong with Trump? Running against Trump is running against the best economy we had in 60 years. You people watch too much Fox News. Trump is the key to victory.

[central_va]

We should have picked our own cotton.

[madison10]

No. I like bad news for bad people, even if I have to suffer a tad.

[GOPJ]

Gas prices are falling because that idiot Biden is draining our strategic oil reserves. If there's an emergency Biden traded our safety as a nation for better odds for his party to win a few seats in Congress.

In a saner world that would be an impeachable offense.

[GOPJ]

CEO of Bank of America told Bret last night that the GDP this quarter will be flat followed by at least 2 quarters of decline. That would make about (at least) 5 quarters of negative gdp growth, that my friends is a bad recession.

Unlike 'recession' there's no exact definition for 'depression' but I'm guessing we're getting closer to knowing...

[GOPJ]

yep! I agree the decline in gas prices is almost over. Biden will have to stop depleting the national reserve soon and once he does the price will spike hard up and there will be no other cards for Biden to play. It’s game over then.

The only reason Biden can get away with all these horrible choices is because 'the press' is so gullible and stupid when it comes to Democrats. Did you see VP Harris lie right to Chuck Todd's face about the border being under control when he mentions the million who had crossed? Then he just sat there and nodded as she said the border was under control. Newspaper liberals are even worse.

[frogjerk]

What was the number released?

[PapaBear3625]

https://www.bls.gov/ppi/

The Producer Price Index for final demand fell 0.1 percent in August, seasonally adjusted, the
U.S. Bureau of Labor Statistics reported today. Final demand prices decreased 0.4 percent in July
and advanced 1.0 percent in June. (See table A.) On an unadjusted basis, the index for final
demand moved up 8.7 percent for the 12 months ended in August.