August inflation data came in hotter than expected, raising the odds of an even more aggressive Federal Reserve interest rate hike when policymakers meet next week.
FOX Business' Cheryl Casone breaks down the consumer price index report as U.S. inflation rose 0.1 percent in the month of August.
U.S. inflation remained stubbornly high in August despite hopes of a slowdown, cementing the odds of another historic, super-sized interest rate hike whenThe Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.3% in August from a year ago. Prices climbed 0.1% in the one-month period from July.
Those figures were both higher than the 8.1% headline figure and 0.1% monthly decline forecast by Refinitiv economists, a worrisome sign for the Fed as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign. Even more concerning is that so-called core prices, which strip out the more volatile measurements of food and energy, re-accelerated last month: Core prices climbed 6.3% from the previous year, above the 6.1% forecast from economists, and climbed 0.6% on a monthly basis – a bigger increase than in April, May, June and July, and a troubling sign that underlying
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