what is inflation right now

As of August 2023, the current inflation rate in the United States is 3.7% for the 12-month period, according to the U.S. Labor Department data published on September 13, 2023. This is higher than the long-term average of 3.28% . Inflation is the percentage in which a chosen basket of goods and services purchased in the US increases in price over a year. The Federal Reserve has targeted a 2% inflation rate for the US economy since 2012 and may make changes to monetary policy if inflation is not within that range. The next monthly update on inflation is scheduled for release on October 12, 2023.