US Consumer Prices Pick Up in August, Bolstering Chances of Interest Rate Increase The latest consumer price index (CPI) numbers for August have sent a clear signal to the Federal Reserve: inflation is far from tamed.
The 0. 4% month over month increase in CPI, coupled with a 3. 4% year on year rise, is largely driven by recent upticks in oil prices and record high diesel costs.
The energy sector has long been a wild card in inflation calculations, but its current trajectory suggests that price stability may be a distant memory for many consumers.