Consumers were forced to shift spending away from other goods and services because gasoline prices are soaring. | Economy
Higher gasoline prices forced Americans to spend more in August and pushed up the Federal Reserve’s main measure of inflation, providing more evidence that the path to lower inflation is unlikely to be a smooth one.
Compared with a year earlier, the PCE price index is up 3.5 percent, an acceleration from July’s 3.3 percent. A month earlier, core prices had jumped 0.2 percent from the prior month and 4.3 percent from a year earlier. The year-over-year figure was revised up slightly from the original estimate of 4.2 percent.
The sharp increase in the price of oil has disrupted the decline in inflation. It shows no sign of let up. With the U.S. strategic petroleum reserves depleted after unusual and large releases by the Biden administration starting before last year’s midterm elections, there’s no ready source of new supply to push prices back down.
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