The Consumer Price Index increased month over month in August by 0.2% on a seasonally adjusted basis, meeting the median forecast collected by Dow Jones.
However, non-seasonally adjusted year-over-year inflation was 2.5% rather than the expected 2.6% — a positive surprise. The Bureau of Labor Statistics said this was the smallest 12-month increase since February 2021.
Core inflation, which excludes energy and food, rose 0.3% in August versus a projected 0.2%. Year-over-year core inflation was 3.2%, which was expected. The energy index was down by 4.0% while food increased by 2.1%.
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