Bidenomics = High mortgage rates, high inflation rates, collapsed banks, expensive groceries, record high rent, and dwindling retirement accounts.
The Consumer Price Index (CPI) rose 0.6% in August – the biggest monthly gain for the year.
Energy prices soared as real wages declined – Bidenomics!
- The consumer price index rose 0.6% in August, its biggest monthly gain of 2023. The inflation gauge rose 3.7% from a year ago.
- The core CPI increased 0.3% and 4.3% respectively, against estimates for 0.2% and 4.3%. Fed officials focus more on core as it provides a better indication of where inflation is heading over the long term.
- Energy prices fed much of gain, rising 5.6% on the month, an increase that included a 10.6% surge in gasoline.
- The jump in headline inflation hit worker paychecks. Real average hourly earnings declined 0.5% for the month.
Inflation posted its biggest monthly increase this year in August as consumers faced higher prices on energy and a variety of other items.
The consumer price index, which measures costs across a broad array of goods and services, rose a seasonally adjusted 0.6% for the month, and was up 3.7% from a year ago, the U.S. Department of Labor reported Wednesday. Economists surveyed by Dow Jones were looking for respective increases of 0.6% and 3.6%. The two numbers were up 0.2% and 3.2% in July.
However, excluding volatile food and energy, the core CPI increased 0.3% and 4.3%, respectively, against estimates for 0.2% and 4.3%. Federal Reserve officials focus more on core as it provides a better indication of where inflation is heading over the long term. Core was up 0.2% and 4.7% in July.
CNBC’s Rick Santelli broke down the latest numbers: