JUST IN: Inflation is up 8.3% since last year—and more Fed rate hikes are likely looming

[DigitalDrifter]

Joe Biden's economy continues to get worse.

The rate of inflation was higher than expected in August, suggesting that inflation is far from under control. Continued interest rate hikes from the Federal Reserve are also likely.
Inflation rose by 0.1% since last month, but is down from its June peak of 9.1%, for a year-over-year rate of 8.3%, according to Labor Department data published Tuesday.

That's 0.3% higher than many estimates, including a Bloomberg survey of 43 economists that predicted a rate of 8%.

Despite a 10.6% decline in gas prices, increased prices for shelter, food and medical care accounted for the elevated rate of inflation.

Food prices increased by 0.8% in August, following gains of 1.1% in July and 1% in June. Shelter prices rose 0.7%, following a 0.5% increase in July. Increased costs to medical care also nudged up by 0.7% in August, following a 0.4% increase in July.

Here's how much prices have increased over the past year for certain household goods and services, according to the Labor Department:

MSN

 

[DigitalDrifter]

The Dow is tanking big time as we speak!

 

[DigitalDrifter]

• Gas: 25.6%
• Airline fares: 33.4%
• Electricity: 15.8%
• Food at home: 13.5%
• New vehicles: 10.1%
• Food away from home: 8%
• Used cars and trucks: 7.8%
• Shelter: 6.2%
• Medical care services: 5.6%
• Apparel: 5.1%

 

[Ralph Norton]

The Dow is tanking big time as we speak!

But the dems will be responding shortly:

 

[DigitalDrifter]

The Dow is plunging damnit!!

Dow falls more than 500 points on worse-than-expected inflation report​

Investors on Wall Street ran for cover on Tuesday following the release of the federal government’s higher-than-expected inflation report.

The Dow Jones Industrial Average fell by 500 points at the start of trading at the New York Stock Exchange while the tech-heavy Nasdaq index dropped by more than 350 points, or 2.9%.

The S&P 500 dipped by more than 2%.

The markets reacted on Tuesday to the latest consumer price index report which showed that most items became more expensive.

Dow falls more than 1,200 points on worse-than-expected inflation report

It was the worst day for stocks since June 2020.

nypost.com

 

[DigitalDrifter]

Now down 860 points.

 

[MarcATL]

lol

 

[DigitalDrifter]

lol

I guess when you spend your day shoplifting, inflation is funny.

 

[OhPleaseJustQuit]

Now down 860 points.

Glad I have been focused on getting as much of my wealth as I can into metal.

 

[shockedcanadian]

Joe Biden's economy continues to get worse.

MSN

DOW down 900 early.

I see youtube videos of a "soft landing" and potential to avoid recession. I simply don't buy this theory, especially with rates continuing to rise and debt skyrocketing.

 

[Roudy]

It’s all because of that dammed Putin.

 

[B. Kidd]

I hear abortions are more expensive too!

 

[SassyIrishLass]

It's Trump's fault,.... roflmao

Potato is an unmitigated disaster

 

[1srelluc]

I note the dems are missing from this thread too.

August Inflation report - CPI up 8.3% rate vs 8.1% expected

 

[B. Kidd]

I note the dems are missing from this thread too.

August Inflation report - CPI up 8.3% rate vs 8.1% expected

Most are taking a lid today.....

 

[Independentthinker]

Joe Biden's economy continues to get worse.

MSN

I'm sure Biden will be saying that inflation is now less than zero.

 

[Independentthinker]

But the dems will be responding shortly:

View attachment 695588

Don't forget - inflation is now less than zero.

 

[Independentthinker]

DOW down 900 early.

I see youtube videos of a "soft landing" and potential to avoid recession. I simply don't buy this theory, especially with rates continuing to rise and debt skyrocketing.

As usual, the left will define things the way they want to define them.

 

[Cellblock2429]

Joe Biden's economy continues to get worse.

MSN

/———/ All part of Joe’s plan to Make America Miserable Again. Our punishment for electing Trump.

 

[Independentthinker]

It’s all because of that dammed Putin.

Don't forget, orange man bad.