Thursday, November 30, 2023

Inflation in the United States will occur again after the increase in gasoline prices

Although the country’s inflation rose for the second consecutive month in August due to rising fuel prices, core inflation, “excluding volatile food and energy prices, continued to moderate,” the report said. on CNN Edition, based on data from the Bureau of Labor Statistics.

Inflation in the United States rose 3.7 percent compared to the same month last year and rose 3.2 percent in July, according to the Consumer Price Index.

“On a monthly basis, prices rose 0.6% in August, compared to an increase of 0.2% in July,” added CNN.

Even with inflation, underlying inflation fell from 4.7 to 4.3 percent in the 12 months ending in August. The report said that this core inflation increased by 0.3 percent in August, but the most significant increase in February.

However, Edition CNN says that Federal Reserve officials are guiding through core inflation. Inflation in the North American country is due to the increase in gas prices.

The CPI gasoline index rose 10.6 percent in August, up 0.2 percent from July. The CPI gasoline index rose 10.6% in August from the previous month, above the 0.2% increase in July.

Joe Biden to increase gasoline

For his part, the president of the United States, Joe Biden, expressed his opinion and acknowledged the increase in fuel in the country. “Overall inflation has also decreased significantly over the past year, but I know that the increase in fuel prices last month has put pressure on household budgets,” he said. “That’s why I remain focused on reducing energy costs, including investing in clean energy to strengthen our energy security,” he added.

World Nation News Desk
World Nation News Desk
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