Inflation Remains Elevated as Diesel Prices Hit Record High
Summary
Inflation stayed high in August, mainly due to rising energy prices, with diesel reaching a record high. The overall price increase was 0.4% for the month and 3.4% over the year, making it unlikely the Federal Reserve will cut interest rates soon.Key Facts
- Prices rose 0.4% in August, up from 0.1% in July.
- Annual inflation held steady at 3.4%.
- Energy costs made up more than one-third of the price increase.
- Gas prices averaged $4.30 per gallon nationwide, up from about $3 before the Iran war started.
- Diesel prices recently hit over $6 per gallon, an all-time high.
- Core inflation, which excludes food and energy, rose 0.3% in August and is 2.4% higher than a year ago.
- There is a 69% chance the Federal Reserve will raise interest rates by a quarter-point soon.
- Energy prices have increased 16.3% over the past year, with motor fuels up 28%.
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