No, you're not crazy: It's still crazy expensive to buy anything, and it's getting worse:
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%.
Among the biggest drivers of the spike include energy (up 5.6%, with a 10.6% surge in gasoline); rent (up 0.5%); and food (0.2%).
Airfares, vehicle prices and transportation were also up; wages, meanwhile took a hit, with "real average hourly earnings [declining] 0.5% for the month."
High prices on everything and wages declining: Could a president ask for better figures nearly a year out from a re-election bid?
These figures, meanwhile, are sure to spook the Federal Reserve, which — its insistence to the contrary notwithstanding — will almost certainly move to raise interest rates again in the near future. All of which is to say, if you had your eye on a big loan, you'd better take it out now unless you want to pay an extra few dozen basis points.
Remember: Be sure to thank our friendly Democratic politicians at the ballot box for these delightful figures!
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