Inflation fell slightly to 8.3% in August as pain from higher prices lingers

Inflation was little changed in the month of August, despite efforts by the Federal Reserve to cool off the U.S. economy. Data released Tuesday by the U.S.

Inflation was little changed in the month of August, despite efforts by the Federal Reserve to cool off the U.S. economy. Data released Tuesday by the U.S. Bureau of Labor Statistics showed that inflation landed at 8.3% last month compared to one year ago.

Economists surveyed by Bloomberg had forecast an 8.1% annual increase. Prices increased 8.5% in July.

Excluding volatile food and gas prices, inflation climbed 6.3% year-on-year — higher than the consensus estimate for 6.1% and an increase from last month's 5.9% reading.

The energy index rose 23.8% over the past 12 months. That includes the cost of electricity, which saw its largest one-year increase (15.8%) in four decades, according to the data.

Other categories that saw increases in August include motor vehicle maintenance and repair, up 1.7%; health insurance, up 2.4%; and pets and pet products, up 1.6% in the 30-day period between July and August.

https://www.nbcnews.com/business/economy/inflation-august-2022-consumer-prices-of-food-gas-rcna47291


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