Inflation rose by an annual rate of 3.7% in August amid higher gasoline prices, marking the second consecutive month of rising costs.
The Consumer Price Index, which tracks a basket of goods and services typically purchased by consumers, increased 0.6% from July, the Labor Department said Thursday. On an annual basis, the increase was higher than economists’ forecast of 3.6%, according to FactSet.
The latest inflation data comes just a week before the Federal Reserve’s two-day policy meeting, when officials will examine price and wage trends in deciding whether to hike interest rates or hold them steady. While inflation is far lower than its most recent peak of 9.1% in June 2022, it still remains higher than the Fed’s goal of 2%.
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