The Consumer Price Index (CPI) stood at 3.7% in August, according to data released by the Bureau of Labor Statistics (BLS). The figure marks an increase of 0.5% compared to July (when it stood at 3.2%) and is the second consecutive month of rebound in the year (after twelve months of decline).
Inflation-3.7% by Williams Perdomo on Scribd
The Bureau report detailed that the gasoline index was the largest contributor to the monthly increase of all items, with more than half of the increase. Similarly, he explained that the food index increased by 0.2% in August, as in July.
Meanwhile, core inflation, a measure of cost increases that eliminates energy and food prices because of their volatility, rose 4.3 percent.
The data comes after a survey conducted by the Federal Reserve of New York was published that revealed that 41% of American households said they were experiencing a worse economic situation than at the same time last year.
The survey — called Consumer Expectations — also found that nearly 30 percent of respondents expect their finances to be worse off next year. Likewise, its revenue growth was negative, falling 0.3% in August (to 2.9%) compared to July of this year. This is the lowest level perceived since July 2021:
Households' perceptions of their current financial situation and expectations for the future deteriorated.
