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Inflation Eases In August, But Far Less Than Expected

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deadline.com

Inflation eased somewhat in August, but it was far less than expected.The Consumer Price Index rose 8.3% compared to the same month a year ago.

That was down a bit from the 8.5% rate in July.But month-over-month inflation still rose by 0.1%, according to the Bureau of Labor Statistics, after being flat in July.

That has increased worries that the Federal Reserve has yet to get the increase in prices under control, and made continue its plan to raise rates to try to slow down the economy.While there was a 10.6% decline in the gasoline index, there were sharper increases in the price of food, housing and medical care.Economist Paul Krugman, op ed columnist for The New York Times, wrote on Twitter, “So this core reading may be telling us about the past, not the future.

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