{"id":2030291,"date":"2023-09-13T09:17:04","date_gmt":"2023-09-13T13:17:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-ticked-up-to-3-7-in-august\/"},"modified":"2023-09-13T09:19:28","modified_gmt":"2023-09-13T13:19:28","slug":"inflation-ticked-up-to-3-7-in-august","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-ticked-up-to-3-7-in-august\/","title":{"rendered":"August saw a rise in inflation to 3.7%."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-ticked-up-to-3-7-in-august%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2030291&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Inflation Rises to 3.7%: Bad News for Biden and the Fed<\/h2>\n<p>Inflation has increased to\u2064 a\u200b 3.7% \u2062rate for the\u200b year ending in August, marking the \u200dsecond\u200d consecutive increase after a full year of declines.<\/p>\n<p>This\u2063 uptick, reported on Wednesday by the\u200c Bureau of Labor\u200d Statistics in an update to the consumer price index, brings \u200bsome \u2063bad news for President Joe \u200cBiden and the Federal Reserve. Biden has been working to \u2064reassure voters that he is curbing price pressures, while the Fed has been desperately\u2062 trying to bring down inflation over the past \u200dyear.<\/p>\n<p>On a month-to-month basis, inflation rose 0.6%, aligning with expectations.<\/p>\n<p>It&#8217;s important\u200c to note \u200cthat the \u200dmajor\u200d factor driving up\u2064 the headline number was gasoline prices. Gas prices rose\u200d last month, accounting for more than half of the overall increase. Gasoline \u200cprices alone surged over 10% from\u200c July to August, pushing the overall CPI \u200dhigher.<\/p>\n<h3>McCarthy Faces Threats \u200dof Speakership Ouster as Government Shutdown Looms<\/h3>\n<p>The Federal Reserve has been <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/goldman-sachs-says-inflation-is-bigger-threat-to-global-economy-than-covid-19\/\" title=\"Goldman Sachs Says Inflation Is Bigger Threat To Global Economy Than COVID-19\">hiking interest rates<\/a> for over a year, and while annual inflation \u2064did tick up slightly last month, it has\u200c significantly fallen since the tightening cycle began in earnest last March. The central bank&#8217;s target rate now stands at\u200b 5.25% to 5.50%, with the most recent rate hike potentially being the \u200blast of the Fed&#8217;s tightening cycle. Fed officials will carefully \u2062analyze the \u2062details of this latest report ahead of their next meeting later this month.<\/p>\n<p>&#8220;The\u2064 Federal Reserve is poised to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sp-500-nasdaq-futures-rise-as-investors-pin-hopes-on-fed-pause\/\" title=\"S&#038;P 500 and Nasdaq futures up on hopes of Fed pause.\">hold interest rates steady<\/a> at their meeting next week, but \u2063there are still\u2064 concerns within this CPI report \u2013 gasoline \u200bprices, motor\u2064 vehicle \u2064insurance,\u200d maintenance and repair \u2013 that the Fed won&#8217;t dismiss the idea of an additional \u200dinterest rate hike before year-end,&#8221; said Greg McBride, chief financial\u2063 analyst at Bankrate.<\/p>\n<p>Additionally, &#8220;core inflation,&#8221; which excludes volatile \u200cfood and energy prices, fell to 4.3% in the year \u2062ending in August. Overall,\u2063 core\u200c inflation has been trending downward this \u200byear, which is a \u2064positive sign\u200b for the Fed.<\/p>\n<p>Soaring inflation has negatively impacted households in recent years and has \u200bundermined support for Biden and his economic agenda.\u2063 Republicans have used the higher prices as \u200cammunition\u2062 to attack the \u200badministration, blaming spending \u200blegislation, particularly pandemic-era relief\u200c spending, as drivers of inflation.<\/p>\n<p>Democrats, on the other hand, argue that the \u2064larger inflationary pressures stem from \u2063the supply \u200cside rather than the demand side. They also point out that many other developed countries are facing high or even higher inflation \u2062rates than the U.S.<\/p>\n<p>Nevertheless, a recent string of positive economic data has allowed the Biden administration to shift its messaging campaign towards highlighting the bright spots in the\u2063 economy. The White House has branded these developments as proof of &#8220;Bidenomics&#8221; in action.<\/p>\n<p>One particularly encouraging aspect is \u200dthe robust \u2064labor market, which has defied expectations for \u2063months despite <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-to-leapfrog-u-s-as-worlds-biggest-economy-by-2028-think-tank\/\" title=\"China to leapfrog U.S. as world\u2019s biggest economy by 2028 \u2013 think tank\">rising interest rates<\/a>.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/p>\n<p>The latest employment report for the month of\u2064 August,\u200d released\u2064 last week, revealed that the economy added 187,000 jobs, surpassing\u2063 the expectations of most economists. However, the report was mixed as the unemployment rate also increased.<\/p>\n<p>While the\u200d overall economy has \u2063remained remarkably resilient despite the rate revisions, consumers have felt the impact through rising\u2062 mortgage rates, \u200dmaking housing more unaffordable \u2064and slowing \u200bdown the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-ticked-up-to-3-7-in-august\/\" title=\"August saw a rise in inflation to 3.7%.\">previously red-hot\u200d housing market<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation rose to 3.7% for the year ending in August, marking the second consecutive increase following a year of declines. This update to the consumer price index, reported by the Bureau of Labor Statistics, brings some unwelcome news for President Joe Biden. He has been striving to instill confidence amidst economic concerns.<\/p>\n","protected":false},"author":1,"featured_media":2030292,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2030291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2030291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2030291"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2030291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2030292"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2030291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2030291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2030291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}