August’s consumer price index (CPI) increased 0.1% for the month and 8.3% over the past year. Inflation far from the Fed’s control is indicative of a broad-based problem, and that inflation could be more deep-rooted than previously thought.
The world’s top finance chiefs believe that taming the rampant inflation will take an extraordinary effort and will likely slip the global economy into a recession. While a peak is still months away for the United States, inflation is near double-digit territory in many of the world’s biggest economies.
