Inflation ticks upward to 3.7% in August as the Fed’s fight to tame high prices rolls on
The August consumer price index (CPI) posted an inflation rate of 3.7%, up from 3.6% in July, according to U.S. Bureau of Labor Statistics data. This marked the sixth consecutive month of inflation ticking upward, as the Federal Reserve’s efforts to contain price increases have yet to take affect. With persistent rising prices, the Fed is faced with a dilemma of whether to raise interest rates to tame inflation, or to keep rates low to prevent the economy from a slowdown amid uncertain global conditions.