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.
A closely watched report on US inflation showed consumer price increases ticked lower on an annual basis during the month of August, according to theThe Consumer Price Index increased 2.5% over the prior year in August, a deceleration compared to July's 2.9% annual gain in prices and the lowest annual rate since early 2021. The yearly increase was also in line with economist expectations.
Although moderating, inflation has remained above the Federal Reserve's 2% target on an annual basis. However, recent economic data,The question now is just how much policy adjusting the Fed will do when it comes to slashing rates. Notable call-outs from the inflation print include the shelter index, which rose 5.2% on an unadjusted, annual basis, a slight uptick from July. The index rose 0.5% month over month after rising 0.4% in July "and was the main factor in the all items increase," according to the BLS.That trend continued last month with the index for rent and owners' equivalent rent rising 0.4% and 0.5%, respectively, from July to August.
The food index increased 2.1% in August over the last year, with food prices rising 0.1% month over month — proving to be a sticky category for inflation. The index for food at home was unchanged from July to August while food away from home increased 0.3%. U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., May 1, 2024. REUTERS/Kevin Lamarque
Basis Point Federal Reserve Food Prices
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