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US consumer price inflation rises in line with expectations in August
Prices for a broad range of goods and services continued to rise in August, according to a report released on Friday that could prove decisive in determining whether the Federal Reserve raises interest rates next week.
The US Bureau of Labor Statistics said on Friday that the Consumer Price Index rose 0.4% month-on-month on a seasonally adjusted basis, taking the 12-month inflation rate to 3.4%. Both readings were in line with the Dow Jones consensus estimates.
Excluding volatile food and energy prices, the core Consumer Price Index rose 0.3% month-on-month, 0.1 percentage point above expectations. On an annual basis, core inflation stood at 2.4%, in line with estimates.
The report is the final major inflation indicator the Federal Reserve will see before its monetary policy meeting next week, which concludes on Wednesday with a vote on its key interest rate.
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