Deceleration of Consumer Inflation Reaches Miniature Height Since February 2021
The Cost of Living Index, a tool that quantifies the price fluctuations of frequently bought items like goods and services, noticeably decreased from a 2.9% figure in July to 2.5% in August, a figure last seen in February 2021 and matching the average from 2018, as suggested by statistics provided by the Bureau of Labor Statistics on August 31st.
When looking at monthly fluctuations, prices saw a minor increase of 0.2%, remaining steady from July.
Experts had predicted a substantial decrease in the annual rate to 2.6% in August, as reported by FactSet. This prediction is largely contributed by the positive influence of previous years' comparisons. The soaring gas prices in summer 2022 artificially inflated inflation in August 2023.
This story is still evolving and will be updated.
Despite the predicted decrease in the annual rate, the business sector might still benefit from the relatively stable economy, as indicated by the minor increase in prices. The decreasing Cost of Living Index could also potentially attract more investments into the economy.
