U.S. CPI surges 8.3 pct in August, warranting Fed's big rate hike

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U.S. CPI surges 8.3 pct in August, warranting Fed's big rate hike

STORY: U.S. CPI surges 8.3 pct in August, warranting Fed's big rate hike DATELINE: Sept. 14, 2022 LENGTH: 00:01:28 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. exterior of the U.S. Labor Department 2. shots of a petrol station 3. shots of a grocery store STORYLINE: The U.S. Labor Department reported Tuesday the country's consumer inflation in August surged 8.3 percent from a year ago, slightly down from the previous month but still at an elevated level, warranting another big rate hike by the Federal Reserve. The Consumer Price Index for All Urban Consumers (CPI-U) ticked up 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, according to the department's Bureau of Labor Statistics. The June CPI of 9.1 percent marks the largest 12-month increase since the period ending November 1981. In July, the CPI soared 8.5 percent. The latest data indicates that inflation might be easing amid the Federal Reserve's interest rate hikes. Despite that, the CPI has remained ov

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