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

Why it matters locally: The increase in consumer prices reported by the Labor Department could influence Federal Reserve interest rate decisions, which can impact borrowing costs for North Carolina residents and businesses. While the cyclospora outbreak has concluded, state health officials monitor for such incidents to protect public health.

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.