US consumer prices hike 0.3% in August, lowest in 7 months

US consumer prices hike 0.3% in August, lowest in 7 months

The August gain fell from a 0.5% increase in July and a 0.9% surge in June, the Labor Department reported Tuesday. It was the smallest increase since a similar 0.3% rise in January.

US consumer prices rose a lower-than-expected 0.3% last month, the smallest increase in seven months and a hopeful sign that inflation pressures may be cooling.

The August slowdown in prices was seen as offering some hope that Americans were finally starting to see some relief from a price surge earlier in the year.

Over the past 12 months, prices are up 5.3% a slight improvement after two months of gains of 5.4%, which had been the highest 12-month gains since 2008.

Core prices, which exclude volatile food and energy costs, rose a tiny 0.1% in August and are up 4% over the past year.

Republicans have attacked the Biden administration for this year’s surge in prices but administration officials have insisted that the price jump will be temporary and pries will begin to return to more normal levels as numerous supply chain problems are resolved.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
County Health Officials Urge People to Get COVID-19 Vaccine |  News
County Health Officials Urge People to Get COVID-19 Vaccine | News
“Right now, if you wait to get vaccinated, it’s like fighting a wildfire with your garden hose. Chances are you’ve let that window of opportunity close to ...
“The COD Community Is Going to Explode”
“The COD Community Is Going to Explode”
An Apex Legends fan from Japan has recreated a portion of the game’s World’s Edge map in Minecraft, with plans to build the whole area over time. Reddit ...
Aston Martin DB5 Junior No Time To Die Edition: Best Toy Ever?
Aston Martin DB5 Junior No Time To Die Edition: Best Toy Ever?
Referring to The Little Car Company’s creations as toys is not entirely accurate. Its new Aston Martin DB5 Junior No time to die Edition vehicle is a scale ...
Wirelessly Charge Your Phone In Style With These New Sega Charging Mats
Wirelessly Charge Your Phone In Style With These New Sega Charging Mats
Yes, a new collection of official Sega wireless charging mats have hit the market thanks to Numskull Designs, and they’re available to pick up right now from ...
Bankable Introduces Black-owned business loan fund
Bankable Introduces Black-owned business loan fund
Bankable says the fund will provide several benefits for Black-owned businesses, including: Making loans more accessible by providing fair financing and ...
Trials Are Being Done to Reverse-Engineer Apple’s M1 Chip; Make It Open-Source to Be Well-Matched With Other Platforms
Trials Are Being Done to Reverse-Engineer Apple’s M1 Chip; Make It Open-Source to Be Well-Matched With Other Platforms
Researchers are attempting to reverse-engineer Apple’s M1 chip, which could allow it to be used in an open-source capacity. In layman’s terms, this would (in ...
The SWAT standoff in Old Town comes to an end once authorities discover the call was a hoax; ‘my phone was hacked’
The SWAT standoff in Old Town comes to an end once authorities discover the call was a hoax; ‘my phone was hacked’
A SWAT team standoff in Old Town ended Wednesday afternoon after police learned the initial call to 911 was phony.Officers were initially called around 1:30 ...
Chipotle Launching new Smoked Brisket
Chipotle Launching new Smoked Brisket
Made with Responsibly Raised beef, the new protein is smoked, charred on the grill and seasoned with roasted jalapenos and chipotle chiles. The meat is ...
Here’s the tech we hope to see
Here’s the tech we hope to see
In fact, we got the team together this week to discuss the upcoming tech we’re hoping to see next year. Here at Review Geek, we’re ready to say goodbye to ...
What’s the difference between 8K, 4K, and 1080p video, and which should you record in?
What’s the difference between 8K, 4K, and 1080p video, and which should you record in?
But what’s the difference between 1080p, 4K, and 8K resolution for video? You have these options on your phone, but which video resolution should you choose? ...
Show next
Compsmag - Latest News from tech, business and health
Logo