Inflation continues upward trajectory
The most recent consumer price index report indicated that the costs of goods and services rose above last year’s levels.
Experts detailed that the index increased about 0.4% in August and 3.4% in 2026, potentially paving the way for a Federal Reserve rate hike in a meeting that will take place in mid-September, according to a news report from NBC News.
They noted that the price of food, communications and airline transportation all rose by more than 2% in August, while the price of products related to computer software increased by more than 25% compared with 2025. Further, the cost of a barrel of crude oil was up by 20% compared with about a month prior and oil prices overall increased by about 40% since the start of the Iran War in February. Conversely, the costs of medical care and auto insurance decreased.
With 30-year fixed mortgage rates surpassing 7%, a federal rate increase could increase pressure on consumers who are also experiencing slight declines in hourly wages compared with the same time the year before.
Read more: NBC News
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