JUST IN: New inflation data shows prices rose slightly in August, worsening the cost woes for U.S. households as the Federal Reserve readies to decide on another interest rate hike next week.
September 13, 2022, 8:43 AMFrederic J. Brown/AFP via Getty Images
The data arrives little more than a week before Federal Reserve officials meet to determine what investors expect to be another borrowing cost increase aimed at fighting inflation.The Fed has instituted a series of aggressive interest rate hikes in recent months as it tries to slash price increases by slowing the economy and choking off demand. But the approach risks tipping the U.S. into an economic downturn and putting millions out of work.
, with the economy adding 315,000 jobs and the unemployment rate rising to 3.7% as more people sought work, according to data released by the Bureau of Labor Statistics in early September.
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