US inflation rate slows less than expected

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Published : September 13th, 2022
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TradingEconomics/Staff/9-13-2022

United States inflation rate
(%, annualized)

“The annual inflation rate in the U.S. eased for a second straight month to 8.3% in August of 2022, the lowest in 4 months, from 8.5% in July but above market forecasts of 8.1%. The energy index increased 23.8%, below 32.9% in July. Smaller increases were reported for gasoline costs (25.6% vs 44%) and fuel oil (68.8% vs 75.6%) while inflation sped up for natural gas (33% vs 30.5%) and electricity (15.8%, the most since August 1981). Meanwhile, inflation rose for food (11.4%, the most since May of 1979), shelter (6.2% vs 5.7%), used cars and trucks (7.8% vs 6.6%). Compared to the previous month, consumer prices were up 0.1%, following a flat reading in July and compared to forecasts of a 0.1% drop.” (Source: U.S. Bureau of Labor Statistics)

USAGOLD note: Stocks, gold, and bonds are down. The dollar remains the chief beneficiary. Two points. One, the initial response to unexpected data is not always the real response – so stay tuned. Two, we believe there will come a time when the very real damage inflicted by inflation on the economy and financial markets will replace the USD Index-gold analog as the critical factor in gold’s pricing.

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