BLS CPI for August showed US consumer prices up 3.4% YoY, unchanged from July,
while MoM inflation accelerated to +0.4% from +0.1% in July, CNN reported.
Gasoline rose 3.9% MoM, accounting for roughly one-third of the monthly
increase. Core CPI (ex food and energy) rose 2.4% YoY (down from 2.5% in July)
and +0.3% MoM. The print could further bolster the Fed’s rationale for a rate
hike next week; a key concern is that inflationary pressure is spreading beyond
energy.