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September 12, 2024

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August CPI shows inflation sticking around in service sector

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The parts of the economy where inflation is taking a while to come down are in the services sector. For instance, inflation actually picked up last month in the food away from home category.“Which reflects what? Well, that’s, like, restaurants. And what’s a big component of restaurant costs is labor costs,” said Menzie Chinn, an economics professor at the University of Wisconsin.