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.
The consumer price index increased by 0.6% last month, the largest gain since June 2022, the Labor Department said on Wednesday. The CPI had risen 0.2% for two straight months.
In the 12-months through August, the CPI jumped 3.7% after climbing 3.2% 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% in June 2022. The Fed has a 2% inflation target. In the 12 months through August, the so-called core CPI increased 4.3%. That was the smallest year-on-year rise since September 2021 and followed a 4.7% gain in July.
But a rate hike in November remains on the table as services inflation, excluding shelter, remains elevated.
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