Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
The consumer price index, the top measure for inflation in the U.S., slowed in August to 2.5% in the 12-month period ending in August, according to the Bureau of Labor Statistics who released the updated consumer price index on Wednesday.The new data shows that inflation is now below recent norms. In the last decade, prices generally increase at a rate of 3.2% per year. In the last 20 years, consumer inflation has generally increased 3% annually.
Average hourly wages increased 14 cents in August to $35.21. Workers are making an average of $1.30 an hour more than a year ago. Average weekly wages were $1,207 in August, up from $1,168 a year ago, marking a 3.5% increase in wages.RELATED STORY | USDA report shows 13.5% of US households are food insecure, up from 2022Slowing inflation has been helped by a drop in energy prices. U.S.
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