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Higher food prices lifted annual inflation to 8.3% in August

Consumer prices rose 8.3% in August compared to a year ago. While the CPI was down from 8.5% in July, rising food prices dashed hopes that inflation has peaked.

Despite falling gasoline prices in August consumers still faced a 13.5% increase in food and grocery prices from a year ago. This marked the 15th straight month of increases, according to a Tuesday (Sept. 12) report from the U.S. Bureau of Labor Statistics.

Consumer prices rose 8.3% in August compared to a year ago. While the CPI was down from 8.5% in July, rising food prices dashed hopes that inflation has peaked.

“This is a much much worse CPI report than anyone was expecting,” said University of Michigan economist Justin Wolfers. “Basically last month’s optimism has been countered by this month’s pessimism.”

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