Data released just moments ago from the U.S. Bureau of Labor Statistics showed that the Consumer Price Index (CPI), a measure of inflation, rose by 0.4% in August after a 0.2% increase in July, exceeding expectations of a 0.3% increase. The core CPI, which excludes food and energy prices, rose by 0.3%, unchanged from the July reading, matching expectations.
Conversely, the annual CPI rose to 2.9% over the past 12 months, up from 2.7% in July, matching expectations. The core CPI remained unchanged at 3.1% in July. In the index details, the food index recorded a rise of 3.2%, up from 2.9% year-on-year, and recorded a rise of approximately 0.5% in August, while the energy index rose by 0.2% in August year-on-year, after a decline of approximately 1.6% in July, and a rise of approximately 0.7% month-on-month.