Sharply higher gas prices pushed up inflation in August, yet underlying price measures cooled
September 13, 2023
WASHINGTON (AP) — A spike in gas prices pushed up inflation in August, yet most other costs rose at a more modest pace, evidence that price increases overall are still cooling.
In a set of conflicting data released Wednesday, the Labor Department said the consumer price index rose 3.7% in August from a year ago, up from a 3.2% annual pace in July. Yet excluding the volatile food and energy categories, so-called core prices rose 4.3%, a step back from 4.7% in July and the smallest increase in nearly two years. That is still far from the Federal Reserve's 2% target.
Despite the seemingly di...