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August Inflation Remains Elevated at 3.4%, Boosting Odds of Fed Rate Hike
Consumer prices rose 0.4% in August as energy costs jumped 4.2%, prompting some analysts to expect another Federal Reserve rate hike.
- The consumer price index rose 0.4% last month, pushing annualized inflation to 3.4%, prompting economists to expect The Federal Reserve will consider a rate hike when it meets next week.
- Oil costs are fueling inflationary pressures, with Brent crude trading north of $104 per barrel amid slowing shipping traffic in the Strait of Hormuz, the largest energy gain since May.
- Airline fares rose 2.7% since July and nearly 24% year-over-year, while 62% of Independent Business respondents reported supply chain disruptions and inflation pressures negatively impacted their operations last month.
- Wall Street responded sharply, with the Dow Jones Industrial Average losing 848 points for the week and the Nasdaq falling 173 points, while earlier this week the European Central Bank raised its own interest rates.
- Consumer sentiment deteriorated as the University of Michigan's preliminary September reading dropped, particularly among lower-income households, while experts warn oil prices are almost guaranteed to rise again in upcoming CPI and PPI reports.
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ChiniMandiUS consumer prices rise 0.4% in August, gasoline accounts for over a third of increase
US consumer prices rose 0.4 per cent in August, accelerating from a 0.1 per cent increase in July, with higher gasoline and energy prices accounting for a significant part of the monthly increase, according to data released by the US Bureau of Labor Statistics (BLS) on Friday.
·India
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VIEW Stocks, bonds rally after August inflation report
U.S. consumer prices accelerated in August as the cost of gasoline rebounded after two straight monthly declines, bolstering market expectations that the Federal Reserve will raise interest rates next week.
·London, United Kingdom
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Total News Sources11
Leaning Left2Leaning Right2Center3Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
Factuality
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