The spike in gas prices is eating away at Americans’ incomes, despite only mild inflationary increases in other parts of the economy.
9:42 AM CDT September 29, 2023
Core prices edged up 0.1% from July to August, down from July’s 0.2%. It was the smallest monthly increase since November 2020. Compared with a year ago, core prices were up 3.9%, below July’s reading of 4.2%. That was the slowest such increase in two years. Compared with a year earlier, overall prices rose 3.5% in August, slightly higher than the 3.4% increase in July. It was the second straight rise in the year-over-year figure, which has tumbled from its 7% peak in June 2022 but still exceeds the Fed’s 2% inflation target.
The inflation gauge that was issued Thursday, called the personal consumption expenditures price index, is separate from the better-known consumer price index. Earlier this month, the government reported that , down from a peak of 9.1% in June 2022, though its core measure also slowed.
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