The numbers: The cost of living rose in August at the slowest pace in seven months and signaled a big surge in inflation this year may have peaked, but Americans probably aren’t going to get much relief from higher prices anytime soon.
Aside from a brief oil-driven spike in 2008, consumer prices have risen this year at the fastest pace in three decades. Consumers are paying more for food, gas, new and used cars and other goods and services. The 12-month increase in the core rate fell for the second month in a row to 4% in August after hitting a 30-year high of 4.3% in June.
Fed critics contend some inflation is getting ingrained in the economy. They worry inflation will remain well above 2% through next year and potentially pose a threat to the U.S. recovery.
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