The Bureau of Labor Statistics reported that inflation rose in August, with consumer prices up 2.9% compared to a year ago. That is a sharper annual increase than in July, when inflation was measured at 2.7%. Prices rose 0.4% between July and August, compared to a 0.2% increase the previous month. Prices for groceries jumped 0.6% while gasoline prices rose 1.9%. Consumers also saw higher prices for new and used cars, clothing and airfares in August. Stripping out volatile food and energy prices, “core” inflation was 3.1% for the last 12 months. Additionally, the Labor Department reported that in the week ending September 6th, jobless claim filings rose to 263,000, up from 236,000 a week earlier. This is the highest level for initial claims since October 23, 2021.
