The Consumer Price Index (CPI), a key measure of inflation, increased by 8.3 percent in August compared to the same time last year and increased 0.1 percent from the previous month, the Bureau of Labor Statistics revealed on Tuesday.
U.S. consumer prices unexpectedly rose in August and underlying inflation accelerated amid rising costs for rents and healthcare, giving the Federal Reserve ammunition to deliver a third 75 basis points interest rate hike next Wednesday.
Surging U.S. gas and food prices have prompted residents of Southern California to head south of the border to do their shopping and fill up their tanks.
"The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979": Bureau of Labor Statistics.
Nearly half of America's food banks describe rising numbers of people lining up for handouts, as inflation puts pantry basics out of reach and the Biden administration’s eight-year anti-hunger plan comes unstuck.
Since its creation in the mid-2000s, the BRICS group of major emerging economies has promoted extensive cooperation between members, and recently, has begun pushing for a global realignment of geopolitical power to better match members' economic, geographic and demographic potential with their position in the international order.
Americans’ short-term inflation expectations continue to rise, according to June survey results released on Monday by the Federal Reserve Bank of New York.
