{"id":60424,"date":"2023-09-13T09:50:57","date_gmt":"2023-09-13T13:50:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/inflation-ticks-up-to-3-7-biggest-monthly-jump-since-january\/"},"modified":"2023-09-13T09:51:00","modified_gmt":"2023-09-13T13:51:00","slug":"inflation-ticks-up-to-3-7-biggest-monthly-jump-since-january","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60424","title":{"rendered":"Inflation Ticks Up To 3.7%\u2014Biggest Monthly Jump Since January"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Consumer prices rose 3.7% in the 12-month period ending in August, registering their largest monthly increase since January thanks largely to surging prices at the pump, though one key inflation metric came in at its lowest level in nearly two years amid the Federal Reserve\u2019s war on price increases.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The consumer price index jumped 0.6% from July to August, according to the Labor Department report released Wednesday morning, coming in far hotter than the previous 0.2% increase and meeting consensus economist estimates of a 0.6% rise.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>August\u2019s 3.7% headline inflation is the highest since May but far below the 8.3% mark seen a year ago.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Surging energy prices were the greatest contributor to last month\u2019s price increase, according to the government, as gasoline prices jumped nearly 11% from July.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>But core inflation, which excludes the more fickle food and energy indexes, came in at 4.3% last month, hitting its lowest level since September 2021 and also matching economist estimates of 4.3%.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Stocks were unchanged immediately after the release.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>The same CPI release a year ago preceded the most brutal stock market crash in years: The S&amp;P 500 crashed 4.3% on September 13, 2022, its worst day since March 2020, after data revealed inflation was far worse in August 2022 than expected.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>The overall consumer price index basket is up about 11% since September 2020, while Americans\u2019 average hourly wages are up about 9% over that stretch, according to Labor Department data. Inflation surged to as high as 9.1% last summer, its highest level since 1981, trailing a post-pandemic surge in a host of goods and services and a massive swing in energy prices related to Russia\u2019s invasion of Ukraine. Price increases finally moderated as the economy digested a historic 11 interest rate hikes by the Fed over the last 18 months.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>How the self-proclaimed \u201cdata-dependent\u201d Fed reacts to the latest inflation data. The Fed\u2019s policy-setting committee will meet next Tuesday and Wednesday to determine whether it will tweak rates. The futures market prices in a 93% probability the central bank will keep the federal funds rate steady at 5.25% to 5.5%, according to CME Group data.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/09\/13\/inflation-ticks-up-to-37-biggest-monthly-jump-since-january\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Consumer prices rose 3.7% in the 12-month period ending in August, registering their largest monthly increase since January thanks largely to surging prices at the pump, though one key inflation metric came in at its lowest level in nearly two years amid the Federal Reserve\u2019s war on price increases. Key Facts The consumer price [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":60425,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-60424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation Ticks Up To 3.7%\u2014Biggest Monthly Jump Since January | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Consumer prices rose 3.7% in the 12-month period ending in August, registering their largest monthly increase since January thanks largely to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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