BREAKING: Inflation rose 8.3% in August as price gains slow but remain painfully high
Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily impacted by price fluctuations. , which fell 10.6% in August from the previous month, other price gains proved persistent and stubbornly high.
Shelter costs, which account for about 40% of the core inflation increase, have climbed 6.2%, the fastest since February 1991. Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., U.S., on Wednesday, May 4, 2022.
Rampant inflation and the rapid dissolution of Americans' buying power has become a major political liability for Biden ahead of the November midterm elections, in which Democrats are expected to lose their already razor-thin majorities. Surveys show that Americans see inflation as the biggest problem facing the country – and that many households blame Biden for the price spike.
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