Fresh inflation data follows an uptick in July that reversed some progress in the fight to slow price hikes.
A shopper looks are produce in a Whole Foods Market supermarket in New York, on Aug. 30, 2023.Consumer prices rose 3.7% in August compared to a year ago, marking the second consecutive month of increased inflation and suggesting a bumpy path in the effort to bring inflation back down to normal levels, government data on Wednesday showed.in July that reversed some of the progress achieved in the fight to cut price increases and offer relief for household budgets.
Inflation stands well below its peak last year of over 9% but remains more than a percentage point higher than the Federal Reserve's target rate. Consumer prices increased a significant 0.6% in August compared to the previous month, far outpacing the month-over-month inflation rate in July, according to the data released on Thursday by theAn increase in gasoline prices contributed to more than half of the month-to-month price increases, the data showed. The national average price of a gallon of gas stands at $3.85,Price increases for food and housing also contributed to the inflation spike compared with last month.
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