Inflation Posts Biggest Monthly Increase in 2023 as CPI Rises 0.6%Photo by Frederick Warren on Unsplash The U.S. Department of Labor released new data today showing a 0.
6% increase in the consumer price index for August.
This is the largest monthly rise in U.s. inflation so far this year.
The report showed that prices have gone up by 3.7% compared to August of last year, slightly higher than what economic analysts had predicted.
In August, energy prices saw a rise of 5.6%.
Food prices also went up by 0.2%, while housing costs rose by 1.3%.
The report also revealed that airfares increased by 4.9%.
Transportation services experienced an increase of 2% in August.
Overall, however, the increases were less than expected.
Energy Costs Contribute Significantly to US Inflation After food and energy prices are taken aside, the core CPI rose 0.3% for the