JUST IN: U.S. inflation fell slightly to 8.3% in August compared to last year.
Sept. 13, 2022, 12:34 PM UTCInflation was little changed in the month of August, despite efforts by the Federal Reserve to cool off the U.S. economy. Data from the U.S. Bureau of Labor Statistics shows that inflation landed at 8.3% last month compared to one year ago.
Gas prices have fallen for 89 consecutive days and now stand at a national average of $3.70 a gallon, though there is wide geographic variability, with most Western states still above $4 a gallon. Inflation is expected to remain elevated for some time, though it is expected to continue heading downward, according to the most recentConsumers told the central bank last month they expect the annual inflation rate to be at 5.7% one year from now. While that is down from an expectation of 6.2% in July — and the lowest expectation level since October 2021 — it remains far above the Federal Reserve's 2% target.
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