A spike in gas prices pushed up inflation in August, yet most other costs rose at a more modest pace, evidence that price increases overall are still cooling.
In a set of conflicting data released Wednesday, the Labor Department said the consumer price index rose 3.7% in August from a year ago, up from a 3.2% annual pace in July. Yet excluding the volatile food and energy categories, so-called core prices rose 4.3%, a step back from 4.7% in July and the smallest increase in nearly two years. That is still far from the Federal Reserve's 2% target.
Energy costs rose 5.6% just in August, the biggest monthly increase since June 2022. Auto insurance prices also soared, rising 2.4% last month and 19.1% compared with a year ago. But in his high-profile speech at Jackson Hole, Powell said that the Fed would proceed "carefully" with any further rate hikes, which many economists saw as an opening for the Fed to skip a rate increase at its September 19-20 meeting. When the Fed increases its key rate, it typically raises the cost of mortgages, auto loans, and business borrowing.
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Sharply higher gas prices pushed up U.S. inflation in August, yet underlying price measures cooledA spike in gas prices pushed up U.S. inflation in August, yet most other costs rose at a more modest pace, evidence that consumer price increases overall are still cooling.
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Sharply higher gas prices pushed up inflation in August, yet underlying price measures cooledWASHINGTON (AP) — A spike in gas prices pushed up inflation in August, yet most other costs rose at a more modest pace, evidence that price increases overall are still cooling. In a set of conflicting data released Wednesday, the Labor Department said the consumer price index rose 3.7% in August from a year ago, up from a 3.2% annual pace in July. Yet excluding the volatile food and energy categories, so-called core prices rose 4.3%, a step back from 4.7% in July and the smallest increase in nea
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