Yahoo Finance headline: Inflation: Consumer prices rise 8.3% over last year in August, tanking stocks and clinching rate hikes
Tue, September 13, 2022 at 8:54 AM·4 min read
Inflation rose more than expected in August even as prices moderated from four-decade highs reached earlier this year.
The Consumer Price Index (CPI) in August reflected an 8.3% increase over last year and a 0.1% increase over the prior month, the Bureau of Labor Statistics reported Tuesday. Economists had expected prices to rise 8.1% over last year and fall 0.1% over last month, according to estimates from Bloomberg.
On a “core” basis, which strips out the volatile food and energy components of the report, prices rose 6.3% over last year and 0.6% over the prior month in August.