A closely-watched report on US inflation showed consumer price increases ticked lower during the month of August on an annual basis, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.
The Consumer Price Index (CPI) increased 2.5% over the prior year in August, which was a deceleration compared to July’s 2.9% annual gain in prices. The yearly increase was also in-line with economist expectations.
The index rose 0.2% over the previous month, matching both July’s monthly increase and what economists had expected.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in August climbed 0.3% over the prior month and 3.2% over last year. Core prices rose 0.2% month over month and 3.2% on an annual basis in July.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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