Last month, inflation remained on a slight downward trend, although the decline from historic highs has been agonizingly slow, and a crucial indicator broke a 40-year record.
According to the Labor Department’s Consumer Price Index, consumer prices rose 8.2% from a year earlier, down from an 8.3% increase in August and a four-decade high of 9.1% in June, as rising food and rent expenses once more outweighed declining gasoline prices. The rise from the previous month contradicted predictions of a quicker decline in inflation.
Consumer prices increased by a larger-than-anticipated 0.4% on a monthly basis after rising by 0.1% in August. And even while total inflation is progressively slowing down, a crucial indicator of underlying price increases reached a new historical high last month.
