August Inflation Reaches 3.4%; Cyclospora Outbreak Ends, Ukraine War Casualties Reported

Why it matters locally: The reported 3.4% inflation rate will impact the purchasing power of New Jersey residents and may influence the cost of goods and services within the state. Potential Federal Reserve interest rate hikes could affect mortgages, loans, and business investment across New Jersey.

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The Labor Department reported Friday that consumer prices increased by 3.4% in August when measured against figures from a year ago. This inflation report is fueling speculation that the Federal Reserve may raise interest rates. In public health news, U.S. health officials announced the conclusion of a cyclospora outbreak. They did not immediately provide details on the total number of cases or affected regions. Separately, a British official stated that more than 500,000 Russian troops have died since the start of the Ukraine invasion. The official did not specify the methodology used to arrive at this figure or the time period covered.