Inflation Accelerates for a Second Month in August - Inflation increased for the second consecutive month in August, primarily due to higher gasoline prices.
Image Credit - Instagram
Consumer Prices Rise by 3.7% Year-on-Year - Consumer prices overall rose by 3.7% compared to the previous year, up from 3.2% in July.
Image Credit - Instagram
Monthly Price Increase of 0.6% - Prices increased by 0.6% on a monthly basis in August, the largest jump in over a year, largely driven by a surge in gas costs.
Image Credit - Instagram
Core Prices (Excluding Food and Energy) Rose by 0.3% - Core prices, which exclude volatile food and energy items, rose by 0.3%, moderating the annual increase to 4.3%.
Image Credit - Instagram
Expectation of Further Interest Rate Hike - Barclays anticipates the Federal Reserve will raise its key interest rate by a quarter percentage point, marking an aggressive inflation-fighting campaign.
Image Credit - Instagram
Fed's Decision on Interest Rates - Economists have differing views on the Fed's future decisions, with some expecting a rate hike in November and others believing the Fed is done with rate increases for the year.
Image Credit - Instagram
Consumer Concerns About High Prices - Consumers are still grappling with high prices, despite recent wage growth outpacing inflation.
Image Credit - Instagram
Gasoline Price Outlook - Gasoline prices rose in August and are expected to increase further due to a positive global economic outlook and OPEC oil production cutbacks.
Image Credit - Instagram
Grocery Prices and Food Inflation - Grocery prices rose moderately, but some food prices decreased, influenced by factors such as global demand, drought, and wildfires.
Image Credit - Instagram
Social Security Cost of Living Adjustment (COLA) - Social Security recipients are expected to receive a 3.2% COLA in 2024, slightly higher than previous estimates but lower than historical averages.
Image Credit - Instagram