Millions of workers received a 3% pay cut in September when accounting for stubbornly and painfully high inflation, which surged faster than expected last month.
The government said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis.
as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign. in the economy remain strong, core prices – which strip out the more volatile measurements of food and energy – climbed 0.6% in September from the previous month. From the same time last year, core prices jumped 6.6%, the fastest since 1982. Inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent.
The cost of groceries climbed 0.7%, putting the 12-month increase at 13%. Consumers paid more for items like cereal, chicken, milk and fresh vegetables. / Getty Images)
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