Coming In Hot

August’s inflation report is feeling hot, hot, hot.

The Bureau of Labor Statistics reported that the Consumer Price Index (the cost of everyday goods) rose 0.4% month over month and 3.4% year over year. Core inflation, which excludes volatile food and energy prices, rose a higher-than-expected 0.3% in August. Economists expect the Fed to raise the A/C rates at its meeting this week in an effort to wrangle inflation down to its elusive 2% target.

Meanwhile, health insurance costs are expected to jump significantly next year, driven by pricier medical care and expensive prescription drugs (think: GLP-1s).

The ~19 million adults insured through the Affordable Care Act (Obamacare) can expect premiums to rise 15% on average. However, the White House promised $500 refund checks to 1M Obamacare enrollees it says were overcharged in past years.

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CHRISTIAN PERSPECTIVE
Even if the economy collapses, God will remain in control. In the midst of uncertainty on earth, set your hope on the abundance we will enjoy with Christ when he comes.

“Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.”
1 Peter 1:3-4 (CSB) (read full passage)