Americans find themselves paying more and more for the things they need. They have been watching inflation rise steadily and were expecting to get some relief. However, they did not get quite what they were hoping for.
The Labor Department said the Consumer Price Index rose in August by 8.3 percent over a year earlier. The pace slowed from July's 8.5 percent rate, but the prices of many goods and services have hit record levels.
Food prices shot up by 11.4 percent, the fastest pace in 43 years. And although the price of gasoline has fallen throughout the summer, consumers are still paying 25.6 percent more than they did last year.
President Joe Biden had planned an event on Tuesday to trumpet the passage of legislation to lower the costs of energy and healthcare. However, his celebration of the Inflation Reduction Act was muted by inflation, despite the falling gas prices.
Biden said, "We're making progress. We're getting other prices down as well. But we have more to do."
He admitted lowering prices will take "more time."
Policymakers at the Federal Reserve have been trying to do that by raising interest rates. Some Americans had wondered whether they might ease up in those efforts. Instead, the latest numbers will give central bankers more reason to press ahead with hikes some have called "aggressive."