August saw a 3.7% rise in annual inflation, coupled with falling income and increasing poverty.
OAN’s Alicia Summers
6:35 PM – Wednesday, September 13, 2023
August Inflation Rises to 3.7%
According to the U.S. Bureau of Labor Statistics, the August annual inflation rate has increased to 3.7% based on the CPI report. This indicates a rise in prices for goods and services across the country.
Economic Challenges
- Income fell, and poverty rose, reflecting economic challenges stemming from the end of pandemic-era programs necessitated by extended lockdowns.
- Child poverty more than doubled.
- Overall poverty rate increased to 12.4%. It was 10.5% in 2019 and 12.7% in 2016.
- Median household income dropped about 2.3%.
Tony Drake, Drake & Associates joins OAN’s Alicia Summers.
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