Lower gasoline prices in August helped to slow upward pressure on U.S. consumer prices, though an adjusted gauge shows inflation accelerating to the fastest in more than a year, a government report showed Thursday (Sept. 12).
The Street reported that the Consumer Price Index for all items rose by 0.1% last month, with gasoline prices down about 3.5%, the Labor Department’s Bureau of Labor Statistics said in a press release.
But excluding food and energy items, whose prices can vary widely from month to month, the CPI rose by 0.3%, faster than the 0.2% clip projected by economists in a survey by the data provider FactSet.
That works out to a 2.4% increase over the past 12 months, the highest rate since July 2018, according to the bureau.
“Along with the indexes for medical care and shelter, the indexes for recreation, used cars and trucks and airline fares were among the indexes that increased in August,” according to the bureau.
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