Price levels between August 2021 and August 2022 rose 8.3%, according to data from the Bureau of Labor Statistics. The reading marked a decline from the 8.5% rate seen in July 2022 and the 9.1% rate seen in June 2022, although core inflation — which factors out food and energy prices — continued to increase.
The poll from Bankrate found that 48% of American workers enjoyed a pay raise in the past year while 21% found a higher-paying job, including 8% who received both. Meanwhile, 39% of workers received neither — the lowest level in any prior iteration of the survey.
Inflation nevertheless appears to be outpacing earnings.