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Consumer Prices Saw Largest Gain in Three Years in August
Consumer prices rose 0.6% in August, their first positive reading in five months. Prior to today’s report, consumer prices had failed to appreciate since March, with the majority of the readings showing stagnant prices. August’s gain of 0.6% is the largest monthly gain in three years. Consumer prices are now 1.7% above year-ago levels.
August’s gain was driven primarily by surging energy prices, which rose 5.6% over the past month. Energy prices had receded for four consecutive months prior to August.
Core prices rose at a more moderate, but strong pace of 0.2%, up from 0.1% the previous month. Core appreciation was entirely due to a 0.1% rise in service prices, as goods prices declined 0.2%.
Read the BLS report.
Consumer Prices Saw Largest Gain in Three Years in August
August’s gain was driven primarily by surging energy prices, which rose 5.6% over the past month. Energy prices had receded for four consecutive months prior to August.
Core prices rose at a more moderate, but strong pace of 0.2%, up from 0.1% the previous month. Core appreciation was entirely due to a 0.1% rise in service prices, as goods prices declined 0.2%.
Read the BLS report.