Main Topic: U.S. gas prices hit an eight-month high amid rising oil prices.
Key Points:
1. National average price for a gallon of regular unleaded climbed to $3.71, the highest level since November.
2. Gas prices are up by at least $0.15 cents in 16 states in the past week alone.
3. Surge in oil prices, production cuts by OPEC nations, and U.S. refinery outages contribute to the increase in gas prices.
Consumer prices in the eurozone rose 5.3% on average this month compared to last year, with core inflation easing to 5.3%, potentially increasing pressure on the European Central Bank to raise interest rates.
US consumer spending increased by the most in six months in July, driven by strong demand for goods and services, but slowing inflation rates suggest that the Federal Reserve will keep interest rates unchanged next month.
The average retail price of regular gasoline in the United States has increased by 6% over the past five weeks, reaching $3.81 per gallon heading into the Labor Day weekend, due to factors such as oil production cuts, low gasoline inventories, and refinery maintenance.
Consumer prices in the US rose 0.2% from the previous month, and 3.3% annually, indicating persistent high inflation and posing a challenge to the Federal Reserve's efforts to curb it; core prices, which exclude food and energy, also increased 0.2% from the previous month and 4.2% from the previous year.
Inflation is expected to rise in August as oil and gasoline prices increase, putting pressure on the economy and potentially leading to higher interest rates and a stronger dollar.
Americans are expecting high inflation to persist over the next few years, with a median expectation of 3.6% one year from now and estimates of around 3% three years from now, according to a survey by the Federal Reserve Bank of New York. This suggests that sticky inflation may continue to be a concern, as it surpasses the Fed's 2% target. Consumers also anticipate price increases in necessities such as rent, gasoline, medical costs, and food, as well as college tuition and home prices.
Argentina's Consumer Price Index likely rose 11.8% in August, the highest monthly figure since 1991, due to a sharp devaluation of the local peso currency and the country's ongoing inflation crisis.
The Consumer Price Index is expected to show an increase in inflation in August, with headline inflation rising to 3.6% and core inflation easing to 4.4%, but the market is accustomed to this trend and the Federal Reserve is unlikely to change its rates at the upcoming meeting.
Goldman Sachs predicts that the August consumer price index (CPI) will show a 3.58% annual increase, with a decline in used car prices, higher airfares and transportation prices, and stable shelter inflation.
Despite a spike in gas prices, the rise in inflation appears to be easing gradually, with core prices exhibiting a slower increase in August compared to July, suggesting that price pressures are being brought under control.
Gas and housing prices continue to rise, leading to a 0.6% increase in the federal consumer price index for August and a 3.7% increase for the year, causing concerns about overall inflation and its impact on household budgets.
Despite claims by the Biden administration and corporate media that inflation is decreasing, the latest consumer price index from the Bureau of Labor Statistics shows that Americans paid 3.7 percent more for basic consumer items in August compared to the previous year.
Inflation in the US accelerated for the second consecutive month in August due to rising costs of rent and gasoline, with the consumer price index rising 0.6% from the previous month and 3.7% from the same time last year.
US wholesale prices increased at a faster pace in August, indicating that inflation remains persistent despite interest rate hikes by the Federal Reserve.
Retail sales in the US rose 0.6% in August compared to July, but the increase in gas prices could impact consumer spending during the holiday shopping season, according to a report from the Commerce Department. Excluding gas sales, retail sales only increased by 0.2% in August.
Producer prices rose more than expected in August, signaling further inflationary pressures due to a surge in energy costs.
The unprecedented increase in fuel prices in Pakistan is expected to cause a significant rise in inflation, with the Consumer Price Index projected to reach as high as 30% to 32% in September 2023.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
The Federal Reserve's preferred measure of inflation decreased in August, indicating that efforts to combat inflation are progressing, although there are still price growth pressures that could lead to further interest rate hikes by the central bank.
The Federal Reserve's preferred inflation indicator, the personal consumption expenditures price index excluding food and energy, rose less than expected in August, suggesting progress in the central bank's fight against higher prices.
Consumer spending in the US increased by 0.4% in August, while core inflation fell below 4.0% for the first time in over two years, potentially reducing the likelihood of an interest rate hike by the Federal Reserve.
Higher gas prices drove an increase in an inflation gauge tracked by the Federal Reserve in August, but measures of underlying inflation slowed, suggesting overall price pressures are moderating and raising the likelihood that the Fed will leave interest rates unchanged in its next meeting; however, the combination of higher gas prices and sluggish income growth may weaken consumer spending and mark a slowdown from last summer's healthy pace of spending.
U.S. wholesale prices rose last month at the fastest pace since April, indicating persisting inflationary pressures despite higher interest rates, raising concerns about the possibility of a "soft landing" for the economy.
U.S. wholesale prices rose at the fastest rate since April, indicating persistent inflationary pressures despite higher interest rates, leading to speculation about the future of the Federal Reserve's monetary policy.
US wholesale prices rose at the fastest pace since April, indicating persistent inflationary pressures despite higher interest rates, with producer prices increasing 2.2% from a year earlier and 0.5% from August to September.
U.S. producer prices rose more than expected in September due to higher costs for energy products and food, however, underlying inflation pressures at the factory gate continued to decrease.
Prices paid to US producers rose more than expected in September, driven by higher energy costs, which pose a challenge for achieving sustained lower inflation.
The U.S. government's upcoming inflation report is expected to show a cooling off of inflation, with overall prices for consumers rising by 0.2% compared to August and 3.6% compared to a year ago, and core inflation expected to be up 4.1% from September last year, indicating slower price increases in September than in August.
The upcoming monthly inflation report is expected to show that inflation in the US is cooling off, with overall prices for consumers rising by 0.2% compared to August and 3.6% compared to a year ago, indicating slower price increases in September than in August. However, if the report reveals that inflation remained higher than expected, especially in core areas, it may prompt the Federal Reserve to raise interest rates again, further slowing the economy.
U.S. wholesale prices rose at the fastest pace since April, indicating persistent inflationary pressures despite higher interest rates; however, there is hope that inflation may ease as producer costs make their way to the consumer.
The Consumer Price Index (CPI) rose higher than expected in September, causing the price of bitcoin to decline, as the Federal Reserve hinted at the possibility of another rate hike.
U.S. consumer prices rose in September due to surging rental costs, but underlying inflation pressures remained moderate, suggesting that the Federal Reserve is unlikely to raise interest rates next month.
Consumer prices in the US rose by 0.4% in September, slightly surpassing expectations, with the consumer price index (CPI) rising by 3.7% compared to the previous year, higher than the estimated 3.6%.
Consumer prices in the US grew at the same pace in September as in August, indicating that progress in controlling inflation may be stalling, prompting Federal Reserve officials to remain cautious with interest rate decisions.
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