The Personal Consumption Expenditures price index showed little sign of easing in August, though revised data showed inflation had been slightly cooler than previously believed.
Nearly every category of product costs more than it would have had prepandemic trends continued. And many product prices are still rising faster than they were before.
After roughly two decades of ultralow interest rates, a period of rapid readjustment is ahead for the United States, the world’s largest economy and most important financial system.