Inflation increased to a 3.7% rate for the year ending in August, the second such increase after a full year of declines.
The uptick, reported on Wednesday by the Bureau of Labor Statistics in an update to the consumer price index, is some bad news for President Joe Biden, who has been trying to reassure voters that he is curbing price pressures, and for the Federal Reserve, which has desperately maneuvered to bring down inflation over the past year.
Soaring inflation has hurt households over the past couple of years and undercut support for Biden and his economic agenda. Republicans have used the higher prices as a cudgel to attack the administration and blamed spending legislation, particularly pandemic-era relief spending, as drivers of inflation.
Still, a recent string of positive economic data has helped the Biden administration to pivot toward a messaging campaign centered upon the bright spots in the economy, with the White House branding the developments as proof of “Bidenomics” in action.
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