Inflation Accelerates to 3.7% On Gas Price Spike

A spike in gas prices pushed up inflation in August, yet most other costs rose at a more modest pace, evidence that consumer price increases overall are still cooling.

In a set of conflicting data on Wednesday, the Labor Department said the consumer price index rose 3.7% in August from a year ago, up from a 3.2% annual pace in July. Yet excluding the volatile food and energy categories, so-called core prices rose 4.3%, down from 4.7% in July and the smallest increase in nearly two years. That remains far from the Federal Reserve’s 2% target.

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