The consumer price index increased by 0.6% last month, the largest gain since June 2022, the U.S. Labor Department said on Wednesday
U.S. consumer prices increased by the most in more than a year in August amid a surge in the cost of gasoline, but a moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday.
In the 12-months through August, the CPI jumped 3.7 per cent after climbing 3.2 per cent in July. While that marked the second straight month of a pick up in annual inflation, year-on-year consumer prices have come down from a peak of 9.1 per cent in June 2022. The Fed has a 2 per cent inflation target.
In the 12 months through August, the so-called core CPI increased 4.3 per cent. That was the smallest year-on-year rise since September 2021 and followed a 4.7 per cent gain in July.
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