Sharply higher gas prices pushed up inflation in August, yet underlying price measures cooled ...Middle East

WASHINGTON (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 nearly two years. That is still far from the Federal Reserve’s 2% target. Despite the seemingly divergent figures, the decline in the core measure points to inflation coming under control. The Federal Re

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Last updated : 13 September 2023 clock 09:36 PM

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Sharply higher gas prices pushed up inflation in August, yet underlying price measures cooled ...Middle East

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