Posted on 09/13/2022 11:58:57 AM PDT by Red Badger
The consumer price index dropped to 8.3% in August, the second straight month the annual figure declined
It is relief from the four-decade high of 9.1% recorded in June, but still well above normal target levels
Falling gas prices helped offset soaring food prices, with groceries rising a blistering 13.5% from a year ago
August's inflation rate was hotter than expected, and stocks fell sharply at Tuesday's opening bell
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Inflation in the US dipped again in August to an 8.3 percent annual rate, thanks largely to falling gas prices, but remained near a four-decade high even as President Joe Biden says he is making progress on the issue.
The Commerce Department's latest consumer price index report on Tuesday represented a drop from the 40-year high of 9.1 percent recorded in June and 8.5 percent in July — but the latest numbers were hotter than expected, and Wall Street opened sharply down in reaction.
'Today's data show more progress in bringing global inflation down in the US economy,' Biden said in a statement following Tuesday's report.
'Overall, prices have been essentially flat in our country these last two months: that is welcome news for American families, with more work still to do,' he added, referring to month-to-month changes in the index, which have been tamed by declining gas prices.
On a monthly basis, consumer prices rose 0.1 percent in August, after remaining flat in July. Those are the figures the Federal Reserve, which is charged with fighting inflation, monitors most closely.
Falling gas prices led the retreat in August's inflation figures, with gasoline dropping 10.6 percent on the month, though pump prices remained about 25 percent higher than they were a year ago.
(Excerpt) Read more at dailymail.co.uk ...
DOW losing 1,093 points so far. One hour to go.
3:00 PM ET
President Biden Hosts an Event Celebrating the Passage of the Inflation Production Act. Party on like October 13 1989.
Hope ole Joe lights a big fat cigar: https://www.whitehouse.gov/live/
Look for the Bottom Feeders any minute....................
Ask Joe why the stock markets are not celebrating?
Don’t think Joe will come out until maket closes
I wonder what the inflation rate would be if they used the same “market basket” that was in effect when Jimmy Carter was president. Bet it would be a lot higher. Most people just buy food, energy, and housing, maybe transportation and medicine on a regular basis. That’s what should be tracked.
I wonder what the inflation rate would be if they used the same “market basket” that was in effect when Jimmy Carter was president. Bet it would be a lot higher. Most people just buy food, energy, and housing, maybe transportation and medicine on a regular basis. That’s what should be tracked.
Its Tuesday too ...
Be interesting to see what happens this Oct 29
Maybe the democrats can pass another 'Inflation Reduction Act' costing 750 billion
He could sell off another 150 Million barrels of oil from our Strategic Reserves.... You know, like having a garage sale...................🤦♂️
Yet right at the top of this article feed a CNBC article said inflation rose .1% in August alone over what it was.
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