According to The New York Times, “Inflation remained uncomfortably rapid in August despite a decline in gas costs as prices continued to soar across a broad array of other goods and services.” Prices are up 8.3 percent versus a year ago. If you strip out food and fuel and look only at core inflation, it was up 6.3 percent, more than economists had predicted.
Once winter heating bills start, the pain will be even worse. As the article says, “The upshot is that inflation has plenty of underlying momentum.”
Be sure to scroll down and read A Jump in Grocery Store Prices is Pinching Consumers. It reports that food prices were up 11.4 percent from a year ago.
Published 9/13/2022. See full article.