Inflation rises beyond expectations in new Consumer Price Index report for August
The surge in inflation in the latest Consumer Price Index report released Wednesday by the U.S. Bureau of Labor & Statistics is raising concerns across the market. Gasoline prices emerged as the primary driver of the CPI increase, accounting for more than half of the overall rise.
Inflation has once again taken the spotlight as the Consumer Price Index (CPI) inched higher in August, surpassing analyst expectations.
The latest data from the U.S. Bureau of Labor and Statistics revealed a 0.6-percent increase in inflation in August, bringing the year-on-year total up to 3.7 percent, which falls slightly above the anticipated figure of 3.6 percent. The surge in inflation is raising concerns across the market.
Gasoline prices emerged as the primary driver of the CPI increase, accounting for more than half of the overall rise. Fuel costs have surged by over 10 percent since July, putting added strain on consumer’s wallets.
Shelter costs were another significant contributor to the inflation uptick. These costs have been on the rise for an impressive 40 consecutive months, impacting the housing market and household budgets alike.
Energy and food costs also experienced noticeable increases, further compounding the inflationary pressures facing consumers.