The August inflation rate had the biggest monthly jump this year, just in case you thought Joe Biden's economy was getting any better
ยท Sep 13, 2023 ยท

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 โ€” its insistence to the contrary notwithstanding โ€” 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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