Food prices rising faster than other items.
The Bureau of Economic Analysis released data on inflation for August which showed the personal consumption expenditure (PCE), excluding food and energy—key markers of inflation—rose 0.6 percent, which is higher than expected.
Food prices have risen faster than most other items making groceries more challenging for Americans to afford. The overall rise in prices has been in part offset by a recent drop in gas prices from their record highs in June. However, gas prices have begun to rise again, suggesting that data for September could tell a different story.
“Food prices increased 0.8 percent and energy prices decreased 3.5 percent,” BEA said of August numbers.
“From the same month one year ago, the PCE price index for August increased 6.2 percent,” the bureau said. “Prices for goods increased 8.6 percent and prices for services increased 6.0 percent. Food prices increased 12.4 percent and energy prices increased 24.7 percent.”
As the Lord Leads, Pray with Us…
- For Acting Director Bohman as she oversees the work of the Bureau of Economic Analysis.
- For Commerce Department officials as they seek to support the supply chain.
- For wisdom for the president and Chairman Powell as inflation markers are assessed.
- For the Lord to be with families who are facing difficult budgeting options and choices.
Sources: Wall Street Journal, The Center Square
