U.S. consumer prices rose 0.4% in August and 3.4% from a year earlier, according to the Bureau of Labor Statistics, as higher gasoline and shelter costs kept inflation elevated ahead of the Federal Reserve's September policy meeting. Core CPI, excluding food and energy, increased 0.3% for the month and 2.4% over the past year.
- Gasoline prices rose 3.9% in August and accounted for more than one-third of the monthly increase in headline CPI.
- The broader energy index increased 2.1% for the month and 16.3% from a year earlier.
- Shelter prices rose 0.3% in August and 3.0% over the past 12 months.
- Food prices increased 0.1%, while grocery prices were unchanged.
- Airline fares rose 2.7%, used vehicle prices increased 0.4%, and new vehicle prices gained 0.3%.
- Interest-rate futures moved to price in a greater than 90% probability of a quarter-point Fed rate increase next week, according to The Wall Street Journal.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
