New Consumer Price Index Report Shows Inflation Is Still Going Strong – Biden Celebrates

The new Consumer Price Index report is out and you will be shocked to learn that we are still dealing with record inflation.

Millions of Americans are still struggling to pay for basic items like food and gas.

There are no signs that this is going to end any time soon.

CNBC reports:

Inflation rose more than expected in August as rising shelter and food costs offset a drop in gas prices, the Bureau of Labor Statistics reported Tuesday.

The consumer price index, which tracks a broad swath of goods and services, increased 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy costs, CPI rose 0.6% from July and 6.3% from the same month in 2021.

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Economists had been expecting headline inflation to fall 0.1% and core to increase 0.3%, according to Dow Jones estimates. The respective year-over-year forecasts were for 8% and 6% gains.

Energy prices fell 5% for the month, led by a 10.6% slide in the gasoline index. However, those declines were offset by increases elsewhere.

The food index increased 0.8% in August and shelter costs, which make up about one-third of the weighting in the CPI, jumped 0.7% and are up 6.2% from a year ago.

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Medical care services also showed a big gain, rising 0.8% on the month and up 5.6% from August 2021. New vehicle prices also climbed, increasing 0.8% though used vehicles fell 0.1%.

Markets slumped after the news, with futures tied to the Dow Jones Industrial Average down nearly 350 points after being higher earlier.

If you can believe it, the Biden administration is celebrating right now.

They’re celebrating. How perfect.

 

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