Inflation is now up 8.3% over this time last year, climbing another 0.1 percent between July and August and hitting Americans even harder in the crot- er, wallet.
According to the latest CPI numbers – that’s Consumer Price Index, a fun little chart with which all hardworking Americans are becoming painfully familiar – inflation under the Biden administration remains at historic 40-year highs, with no sign of stopping anytime soon.
Despite hopes that a dramatic decrease in gas prices would offset any other price hikes, both the year-over-year and month-over-month rate in August are higher than economists were expecting, causing a predictable stock market tumble Tuesday and throwing cold water on any hopes that the feds may not raise interest rates - again - to try to forcibly cool demand.
Grocery prices shot up another 0.7% in August for a total 113.5% 12-month increase. Housing is up 6.2% over this time last year. The cost of medical care rose another 0.8% between July and August, as did the overall price of a new car. But hey! Energy costs did drop about 5% this month, largely thanks to a decrease in gas prices (which is still about $3.71 a gallon, per AAA, and which still wasn't enough to offset overall inflation).
But despite the continued price hike, Biden hailed the latest numbers as “welcome news for American families.”
“Overall, prices have been essentially flat in our country these last two months: that is welcome news for American families, with more work still to do," he said in a statement following the latest report.
And you can take that to the bank – because Lord knows, you probably don’t have much cash to go along with it.