patrick.net

Inflation rose more than expected in August even as prices moderated from four-decade highs reached earlier this year.

The Consumer Price Index (CPI) in August reflected an 8.3% increase over last year and a 0.1% increase over the prior month, the Bureau of Labor Statistics reported Tuesday. Economists had expected prices to rise 8.1% over last year and fall 0.1% over last month, according to estimates from Bloomberg.

On a "core" basis, which strips out the volatile food and energy components of the report, prices rose 6.3% over last year and 0.6% over the prior month in August.

Expectations were for a 6.1% annual increase and 0.3% monthly increase in core CPI.

The less-than-expected decline in Tuesday's headline figure came despite a 10.6% plunge in the gasoline index as energy prices eased.

Inflationary pressures remained strong across other components of the report, with declining gas and energy prices offset by increases in shelter, food, and medical care indexes — the largest of many contributors to the broad-based monthly increase, per the Bureau of Labor Statistics.

https://finance.yahoo.com/news/august-inflation-data-cpi-september-13-211038620.html