Inflation Rises 0.1 Percent In August Even As Gas Prices Fall

The Consumer Price Index reports that annual inflation dropped from 8.5% in July to 8.3% in August, but month-to-month inflation rose 0.1% amid rising prices for food and other goods.

The primary cause for the drop in annual inflation came from gas prices, which fell 26% last month. Airfare also fell as summer travel ended and students returned from summer vacation to school.

But the month-to-month increase came elsewhere in the economy.

Those concerns point to the American consumer not being out of the woods yet as issues continue to mount.

According to the Wall Street Journal:

So-called core CPI, which excludes often volatile energy and food prices, increased 6.3% in August from a year earlier, up sharply from the 5.9% rate in both June and July—a signal that broad price pressures strengthened.
On a monthly basis, the CPI increased 0.1% in August from July, despite a sharp decline in gasoline prices. The core CPI rose 0.6% in August–double July’s pace.

While energy prices are down, food and other goods continued to rise throughout the month, sparking fears amid economists and investors.

Stock futures took a tumble Tuesday morning at the news, as the markets reacted to the new CPI data. Economists had predicted a lower annual inflation rate for August, and the 8.3 percent finding sent future tied to the S&P 500 down 1.4 percent, while contracts tied to the tech-oriented Nasdaq fell 1.9 percent.

Annual inflation was at its highest in June at 9.1%, a four-decade high. That number dropped sharply in July but that drop cooled going into August.

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Fighting Fentanyl: Huge Arrests Made Across Acadiana in 2022

The fight against fentanyl is a daunting one as the highly potent drug continues to take lives every day across the country. From Lafayette to the surrounding areas, law enforcement agencies have their hands full as they fight to get fentanly off their respective streets.

The awareness for the fatal causes of fentanyl are there as people across the Acadiana area (and the state) are not only mourning the death of loved ones lost to the substance but are holding memorials and recently worked with legislators to pass "Millie's Law," which increases criminal penalties for those who sale and distribute fentanyl.

Fentanyl has become a leading drug in an epidemic that takes over 100,000 lives each year, according to the CDC. The drug is often added to heroin without it being disclosed to the person buying the drug. The U.S. Drug Enforcement Agency outlines how dangerous fentanyl has become:

"Fentanyl is a synthetic opioid that is 80-100 times stronger than morphine. Pharmaceutical fentanyl was developed for pain management treatment of cancer patients, applied in a patch on the skin. Because of its powerful opioid properties, Fentanyl is also diverted for abuse. Fentanyl is added to heroin to increase its potency, or be disguised as highly potent heroin. Many users believe that they are purchasing heroin and actually don’t know that they are purchasing fentanyl – which often results in overdose deaths. Clandestinely-produced fentanyl is primarily manufactured in Mexico."

Let's take a look back at headline-catching cases involving fentanyl in 2022.