WASHINGTON (AP) – Sharply lower prices for gas and cheaper used cars slowed U.S. inflation in August for a second straight month, though many other items rose in price, indicating that inflation remains a heavy burden for American households.
Consumer prices surged 8.3% in August compared with a year earlier. Though still painfully high, that was down from an 8.5% jump in July and a four-decade high of 9.1% in June.
On a monthly basis, prices rose 0.1% after a flat reading in July. And excluding the volatile food and energy categories, so-called core prices jumped 0.6% from July to August, higher than many economists had expected and a sign of inflation’s persistence.
The Dow immediately fell 500 points on the news; as of around 10am Central the Dow is down over 800 points.
According to Market Watch as of 10am Central:
| Dow | 31,515.71 | -865.63 | -2.67% | ||
| S&P 500 | 3,983.23 | -127.18 | -3.09% | ||
| Nasdaq | 11,776.44 | -489.97 | -3.99% | ||
| GlobalDow | 3,541.13 | -76.74 | -2.12% | ||
| Gold | 1,716.20 | -24.40 | -1.40% | ||
| Oil | 86.39 | -1.39 | -1.58% |
(Copyright 2022 WBAP/KLIF 24/7 News. This report contains material from The Associated Press and Market Watch.)