(FamilyConservationPAC.com) – In the United States, the inflation rate accelerated in August due to a significant increase in gasoline prices.
The consumer price index increased by 0.6% from the previous month, three times faster than the monthly pace seen in July.
The index is up 3.7 percent from a year earlier, which is higher than the number from July of 3.2 percent.
Gas prices are almost double what they were under Trump.
Now with Biden announcing he’s shutting down more domestic production things will get much worse.
Especially since he’s depleted our reserves.
Biden is putting his woke agenda ahead of the needs of the American people. pic.twitter.com/0IWR2okWsC
— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) September 7, 2023
The acceleration of inflation raises some concerns about how quickly the Federal Reserve will be able to reduce inflation to its target of 2% after tightening monetary policy.
Additionally, it enhances the likelihood that the Fed will raise interest rates once more before the year is up.
Officials from the Federal Reserve have stated that they are searching for consistent proof over many months that inflation is heading in the right direction.
Monthly inflation dropped significantly in May from 0.37 to 0.12 percent, increased slightly in June to 0.18 percent, and slowly decreased to 0.17 percent in July.
Since June 2022, when the consumer price index rose by 1.2 percent, this is the month with the most considerable monthly increase in inflation.
Energy and food prices are not included in the core consumer price index, which increased by 0.3% for the month.
Additionally, it is higher than the 0.2 percent observed in July.
Inflation is still surging
🔴 August CPI is 3.7%
🔴 Gas Prices up 10.6%
🔴 Energy prices jump 5.6%
🔴 Shelter index rose for 40th consecutive month pic.twitter.com/qk1rYnfM97
— Media Research Center (@theMRC) September 13, 2023
FACT CHECK: Gas prices are higher than they were at this time last year and higher than when Joe Biden took office. pic.twitter.com/ZdDTqv83mw
— GOP (@GOP) September 8, 2023
The indicator is up 4.3 percent from a year ago, slower than the 4.7 percent increase seen in July.
The rise in inflation brought on by increasing energy prices was something economists had anticipated.
The average prediction was for an increase of 0.6 percent from July and an increase in inflation of 3.6 percent yearly.
Core inflation was projected to rise by 0.2 percent each month. Core revenue increased annually in line with forecasts for a 4.3 percent increase.
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