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Inflation rose by 0.1% in August despite a sharp drop in gas prices

by SuperiorInvest

Inflation rose more than expected in August, even as gas prices helped give consumers some rest, the Bureau of Labor Statistics said Tuesday.

The consumer price index, which tracks a wide range of goods and services, rose 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy costs, CPI rose 0.6% from July and 6.3% from the same month in 2021.

Economists had expected headline inflation to fall 0.1% and core inflation to rise 0.3%, according to Dow Jones estimates. The respective year-on-year estimates were 8% and 6%.

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