9/13/2022, 2:30 PM (Source: TeleTrader)
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US inflation down to 8.3% in August

The annual inflation in the United States clocked in at 8.3% in August, the Labor Statistics Bureau shared in its report on Tuesday, with the figure declining for the second consecutive month, however, going slightly above analysts’ expectations. Month on month, Consumer Price Index (CPI) rose by 0.1%.

Growth in food, medical care, and shelter prices was the main contributor to the increase. The energy index jumped 23.8% for the 12 months ending August, while the figure was 5% lower on a monthly basis, due to a 10.6% decline in gasoline prices. The food prices surged 11.4% in comparison to the same period a year prior, with the monthly reading up 0.8%.

The core CPI, which excludes food and energy, was up 6.3% in August on an annual basis, marking an increase from the July reading, which stood at 5.9%. Compared to the previous month, the figure grew 0.6% in August.

Baha Breaking News (BBN) / AY