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Consumer prices rose 0.4% in August, as expected; core inflation was higher than estimated
- On Friday, the Labor Statistics bureau reported consumer prices rose 0.4% in August, pushing the 12-month inflation rate to 3.4%, matching Dow Jones consensus expectations.
- Gas prices surged 3.9% over the month, driving the increase as the Iran war limited global oil supply, keeping inflation above the Federal Reserve's 2% annual target.
- Core inflation posted a 0.3% monthly gain, running hotter than expected. The 3.4% annual inflation rate still outpaced average worker paychecks, which grew 3.1% over the same period.
- After Fed Chair Kevin Warsh said policymakers' focus should be on rising prices, markets are betting on a rate hike when The Fed meets September 16. The surprise 162,000 jobs added last month bolsters that expectation.
- The Fed also monitors the Personal Consumption Expenditures price index, which remains above the central bank's 2% annual target. This metric signals whether underlying price pressures are easing amid persistent supply shocks.
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19 Articles
19 Articles
Inflation rises 3.4% in August in last report before Fed’s interest-rate decision
The Consumer Price Index rose 3.4% on an annual basis, still stubbornly above the Fed’s 2% goal but the same rate as July, the Bureau of Labor Statistics said Friday. On a monthly basis, it rose at a 0.4% pace.
·New York, United States
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August Inflation Slightly Firmer Than Expected at 3.4% as Fed Eyes Hike
Inflation was a bit stronger than expectations in August. The consumer price index climbed 0.4% month over month in August, translating to an annual gain of 3.4% year over year, according to the latest data released by the Bureau of Labor Statistics on Friday. Economists had expected inflation to
·New York, United States
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Coverage Details
Total News Sources19
Leaning Left2Leaning Right4Center5Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 18%
C 46%
R 36%
Factuality
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