"New economic data released on Thursday revealed fresh signs of stress for the US economy and working families. A new Consumer Price Index report from the Bureau of Labor Statistics (BLS) found that overall inflation rose by 2.9% year-over-year in August, while core inflation - a measure that excludes commodities such as food and energy - rose 3.1%, the highest reading recorded since this past January."
"Don't miss a beat Get the latest news and thought-provoking analysis from Truthout. Looking deeper into the report reveals that the cost of groceries continues to be a major pain point for US consumers, as food prices jumped by 0.6% on the month and 2.7% year-over-year. The report comes days after US President Donald Trump said in a radio interview, "We have no inflation. Prices are down on just about everything.""
Overall inflation rose 2.9% year-over-year in August, while core inflation, which excludes food and energy, increased 3.1%, the highest reading since January. Both figures matched economists' consensus estimates but indicated inflation moving in the wrong direction as the US labor market shows signs of weakness. Grocery prices increased 0.6% month-over-month and 2.7% year-over-year, making food a major cost burden for consumers. The timing coincided with a presidential radio claim asserting no inflation and falling prices. Observers noted that food inflation had previously eased but has begun rising again relatively rapidly.
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