By Jorge Antonio Vazquez Buendia
Sep 11, 2024, 08:33 AM EDT
The Consumer Price Index for all Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis. The wage base increase is the same as in July, the Bureau of Labor Statistics (BLS) reported. Over the past 12 months through August 2024, the all-items index increased 2.5% before seasonal adjustment.
Prices in the United States have risen since last year and have grown faster than any other country in the Group of Seven (G7) most developed economies, according to the Organisation for Economic Co-operation and Development (OECD).
Many of the factors driving inflation since last year were due to supply chain disruptions caused by the Covid-19 pandemic and rising food prices due to harvests affected by severe storms and droughts.
Meanwhile, the United States government provided stimulus checks to the population and businesses to protect them from the economic crisis caused by the pandemic, which boosted demand for products.
In 2022, the increase in oil prices due to Russia’s war against Ukraine caused a significant rise in gasoline prices, which led to increases in the prices of products and their transportation, which continued until 2023.
The sum of all these factors has led to high inflation, and today the Federal Reserve is trying to slow it down by raising interest rates to slow the economy and discourage consumption.
Americans and their families have had a tough year economically, and among their main concerns for the immediate future is the issue of inflation, which could further affect their pocketbooks.
The U.S. Bureau of Labor Statistics has reported that year-over-year inflation has seen significant increases throughout the year:
– August (2024): 2.5%
– July: 2.9%
– June: 3.0%
– May: 3.3%
– April: 3.4%
– March: 3.5%
– February: 3.2%
– January: 3.4%
– December (2023): 3.4%
– November: 3.1%
– October: 3.2%
– September: 3.7%
– August: 3.7%
Continue reading:
· Annual inflation as of July 2024 was 2.9% in the US.
· The items that have risen the most in the US until July 2024
· Year-on-year inflation in June 2024 was 3.0% in the US.