BREAKING NEWS
Inflation Surges to 2.9% as Grocery and Gas Prices Soar
The Labor Department reported today that consumer prices rose 0.4% between July and August, with grocery prices jumping 0.6% and gasoline prices increasing by 1.9%. This marks a sharper annual increase in inflation, reaching 2.9% from a year ago.
The surge in prices is particularly concerning for consumers who are already feeling the pinch of higher costs. The continued rise in inflation poses a challenge for the Federal Reserve as it weighs what to do about interest rates.
In August, Americans paid more for groceries, gasoline, new and used cars, clothing, and air fares. Even when excluding volatile food and energy prices, "core" inflation was 3.1% over the last 12 months.
The Federal Reserve is expected to make a decision on interest rates next week, with many predicting a quarter-point reduction. However, the latest inflation numbers may complicate this decision.
This is a developing story, and we will continue to provide updates as more information becomes available.
*This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Npr.*
