(Washington, DC) – Americans’ wallets are taking a hit as inflation rises faster than wages. Data released Friday by the U.S. Bureau of Labor Statistics shows consumer prices rose three-point-four percent in August from a year ago. Menawhile, a separate BLS report says average hourly earnings rose just three-point-one-percent over the same time. The gap reveals the loss in purchasing power felt by workers.
Soaring energy costs are a major factor with gas prices rising nearly four-percent in August alone.
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