The inflation in the United States stayed relatively flat month over month, with the inflation rate compared to the previous year slowing from its peak in June, the Associated Press reports.
Consumer prices were up 8.5% in August compared to a year ago, an increase of just 0.1% month-over-month, with the core prices increasing 0.6% when volatile food and fuel prices are removed from the calculation. Year-over-year, core prices increased 6.3%, driving largely by increases in rents, medical care services and new cars. Food prices have increased 13.5% year over year, the biggest 12-month increase since 1979.
Though inflation appears to have peaked, economists predict it will take at least two years before the inflation rate drops to around 2%.