Last June, inflation hit a 40-year high of 9.1%.
Since then, it’s been falling monthly, hitting 3.2% in July of this year.
The Fed’s aggressive rate hikes seemed to be doing their job, and their 2% inflation target appeared to be in sight.
But then, the August CPI report came out a few weeks ago…
…and we saw inflation spike, jumping up to 3.7%.
What happened? Where does inflation go from here? And should we be worried about this recent uptick?
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Resources Mentioned:
- Bureau of Labor Statistics CPI Report
- Historical Inflation Rates
- The Effects of Rounding on the Consumer Price Index
- Inflation: Don’t Pop the Champagne Yet
- United States Month Over Month Inflation Rate Average
