CPI rose at 3.4% pace in August, raising odds of Fed rate hike this month
The report comes at a pivotal moment for the Federal Reserve, which is scheduled to meet next week to decide whether to hike interest rates.
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The report comes at a pivotal moment for the Federal Reserve, which is scheduled to meet next week to decide whether to hike interest rates.
Gov. Wes Moore chose Labor Day to make the announcement alongside union leaders. CBS News Baltimore's Tara Lynch has the details.
Economic activity weakened between April and June as energy costs surged, new government data shows.
President Trump held a rally where he touted economic wins.
Price increases at full-service restaurants far outpaced overall inflation, a study found.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
The White House levied new import duties on its three closest trading partners.
Inflation is being felt all around, especially for many Maryland residents who rely on affordable housing.
The latest consumer price data furthers the case for an interest rate cut by the Federal Reserve as soon as September.
Key report on consumer prices comes ahead of interest-rate decision by the Federal Reserve in the afternoon.
The hotter-than-expected inflation reading could cause the Federal Reserve to delay interest rate cuts, analysts said.
Discount grocery giant Aldi expects to build more stores in the Midwest, Northeast and select U.S. cities
Consumer prices in January rose 3.1% from a year earlier, higher than economists had forecast, as food and housing costs jumped.
Upticks signal a longer wait for rate cuts as the Federal Reserve's war against inflation isn't won just yet.
Despite uptick in prices, Wall Street analysts still expect inflation to continue easing over the coming months.
The Consumer Price Index rose at an annual rate of 3%, the Labor Department said on Wednesday.
Cookout costs will vary, but Americans hitting the road are about to save $2.6 billion on gas this holiday weekend over last year.
Even so, the latest "report contains plenty of pain, especially for lower-income Americans," said one economist.
Inflation rose at a 6.4% annual rate last month, driven by rising prices for housing and gasoline.
Inflation is at an all-time high just in time for the holidays.
The debate over who and when to tip is back in the spotlight and reigniting discussion on when to include gratuity, thanks to popular technology.
The central bank said it is boosting rates by 0.75 percentage point. Expect to pay more for credit card debt and loans.
Back-to-school spending in total is expected to match the record high set in 2021: $37 billion.
Consumer prices rose 8.5% over the past 12 months, marking a slowdown but still painfully high for millions of Americans.
The economists, who serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization.
