Consumer prices rose 0.2% in August as annual inflation rate hits lowest since early 2021 [View all]
Source: CNBC
Published Wed, Sep 11 2024 8:32 AM EDT Updated 11 Min Ago
Prices increased as expected in August while the annual inflation rate declined to its lowest level since February 2021, according to a Labor Department report Wednesday that sets the stage for an expected quarter percentage point rate cut from the Federal Reserve in a week.
The consumer price index, a broad measure of goods and services costs across the U.S. economy, increased 0.2% for the month, in line with the Dow Jones consensus, the Bureau of Labor Statistics reported. That put the 12-month inflation rate at 2.5%, down 0.4 percentage point from the July level and compared to the estimate for 2.6%.
However, core CPI, which excludes volatile food and energy prices, increased 0.3% for the month, slightly higher than the 0.2% estimate. The 12-month core inflation rate was 3.2%, in line with the forecast.
While the numbers showed that inflation slowly continued to moderate, housing-related costs remain an issue. The shelter component of CPI, which has about a one-third weighting in the index, increased 0.5%, accounting for much of the increase in the all-items measure. The shelter index was up 5.2% year over year.
Read more: https://www.cnbc.com/2024/09/11/cpi-inflation-report-august-2024-.html
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8:31 AM · Sep 11, 2024
Article updated.
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Published Wed, Sep 11 2024 8:32 AM EDT Updated 8 Min Ago
Prices increased as expected in August while the annual inflation rate declined to its lowest level since February 2021, according to a Labor Department report Wednesday that sets the stage for a Federal Reserve interest rate cut in a week.
The consumer price index, a broad measure of goods and services costs across the U.S. economy, increased 0.2% for the month, in line with the Dow Jones consensus.
That put the 12-month inflation rate at 2.5%, down 0.4 percentage point from the July level and compared to the estimate for 2.6%.
However, so-called core CPI, which excludes volatile food and energy prices, increased 0.3% for the month, slightly higher than the 0.2% estimate. The 12-month core inflation rate was 3.2%, in line with the forecast.
This is breaking news. Please check back for updates.
Prices increased as expected in August while the annual inflation rate declined to its lowest level since February 2021, according to a Labor Department report Wednesday that sets the stage for a Federal Reserve interest rate cut in a week.
The consumer price index, a broad measure of goods and services costs across the U.S. economy, increased 0.2% for the month, in line with the Dow Jones consensus.
That put the 12-month inflation rate at 2.5%, down 0.4 percentage point from the July level and compared to the estimate for 2.6%.
Excluding volatile food and energy prices, so-called core CPI increased 0.3% for the month, equating to a 3.2% 12-month inflation rate. The respective estimates were for 0.2% and 3.2%.
This is breaking news. Please check back for updates.
Original article -
The consumer price index was expected to increase 0.2% in August and 2.6% from a year ago, according to the Dow Jones consensus estimate.
This is breaking news. Please check back for updates.
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