US Inflation Surges: Rising Gas Prices Drive Hot August CPI Report

A big jump in gasoline prices drove a second consecutive month of increase in US consumer prices. Headline CPI jumped 0.6% in August, accelerating from July’s 0.2% increase. With those bumps occurring after 12 consecutive declines in annual inflation, the unpredictable nature of the Fed’s task in taming prices was starkly apparent. How will the data impact the Fed’s next rate decision on Sept. 20?

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