Last June, inflation hit a 40-year high of 9.1%.

Since then, it’s been falling month over month, hitting 3.2% in July of this year.

The Fed’s aggressive rate hikes seemed to be doing their job, and their 2% inflation target appeared to be in sight.

But then, the August CPI report came out a few weeks ago...

...and we saw inflation spike, jumping up to 3.7%.

What happened? Where does inflation go from here? And should we be worried about this recent uptick?

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