Client Login

Stay Updated

Subscribe to the INSURICA blog and receive the latest news direct to your inbox.

Subscribe to the blog

Inflation Increases 8.3% Year Over Year in August, Trends Slightly Down From July

The Bureau of Labor Statistics (BLS) announced that the U.S. consumer price index (CPI) increased 8.3% year over year in August 2022, remaining uncomfortably rapid for the month. The CPI didn’t ease as much as expected by economists, putting continued inflation-related financial pressure on consumers.

The “core” CPI, which strips out the unpredictable food and energy components, accelerated more than expected. Prices rose 6.3% over last year and 0.6% over the prior month in August. The expectations were for a 6.1% annual increase and a 0.3% monthly increase in core CPI.

According to the BLS, inflationary pressures remained strong across other components of the monthly report. Significant shelter, food and medical care costs offset declining gas and energy prices.

What’s Next?

The Federal Reserve (Fed) has been raising interest rates to slow the economy and attempt to tame rapid inflation. However, August’s CPI is a sign that price increases aren’t under control yet and that further aggressive action may be needed. The Fed will meet again later this month.

Only time will tell if inflation will cool down, but economists warn that interest rates will likely continue to rise. Many American workers report that they—and their friends and family—are struggling financially. Inflation erodes spending power and can make it harder to find a job. It could also mean the cost of debt will increase for credit cards, automobile financing and personal loans.

Discussing financial and investment goals with a financial advisor can be helpful. If you have additional questions or need resources for financial assistance, speak to your employer.

For more tips on how to prevent vehicle theft, contact INSURICA today.

This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2022 Zywave, Inc. All rights reserved.

About the Author


Share This Story

Keep up to date

Subscribe to the INSURICA blog and receive the latest news direct to your inbox.

Subscribe to the blog

Related Blogs

Q4 2022 Essentials for Plan Sponsors

December 1st, 2022|Blog, Employee Benefits|

The RxDC reporting requirement requires employers to submit prescription drug data to the Department of Health and Human Services (HHS), the Department of Treasury, and the Department of Labor (DOL). The deadline is December 27, 2022. Some of the required information includes:

Five Critical Issues for Employers Reporting 2023 ACA Compliance

November 29th, 2022|Blog, Employee Benefits|

According to the Affordable Care Act (ACA), applicable large employers (ALEs) are obligated to offer full-time employees and dependents affordable minimum essential health coverage. They must also report to the IRS information about the health coverage plans they offer.

Go to Top