Inflation & Prices
US Consumer Prices Jump, Straining Household Budgets Even More
- CPI rose 0.6% in August, most since inflation peaked in 2022
- Americans saw higher prices for gas, car insurance, medication
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US inflation rose in August by the most in over a year as a pickup in prices at the gas pump exacerbated already strained household budgets.
The consumer price index increased 0.6% from the prior month, the most since inflation peaked at a four-decade high in June 2022. Gasoline costs accounted for over half of the advance, according to the report from the Bureau of Labor Statistics, and Americans also saw higher prices for essentials like car insurance and prescription drugs.