NASHVILLE, Tenn. (WTVF) — The Federal Reserve decided not to hike up interest rates Wednesday, and although that is good news, food costs are still at an all-time high.
Inflation accelerated last month for the second straight month — which is more than analysts were expecting.
Here is what the Consumer Price Index says is the latest:
- Food prices jumped .2 percent in August for the third consecutive month.
- Meats, poultry, fish, and eggs rose .8 percent.
- Pork shot up to 2.2 percent.
- Cereals and bakery products are up .5 percent.
- Dairy products thankfully actually saw a decrease — down .4 percent in August after rising .5 percent in July.
- Fruits and vegetables also declined .2 percent.
- Gas prices and the energy index also rose last month.
On Wednesday, the Federal Reserve decided to leave interest rates at the 22-year high of 5.25 percent to 5.5 percent
Although interest rates are paused right now, future hikes are expected. Now the Fed predicts inflation might not reach its 2 percent goal until 2026.
