US consumer prices rose 0.4% in August as annual inflation held steady

The short version

• The consumer price index increased 0.4% in August, maintaining an annualized inflation rate of 3.4%.[The Guardian · CNBC]
• Core inflation rose 0.3% over the month, topping forecasts by 0.1 percentage point while matching annual estimates at 2.4%.[CNBC]
• Consumers and businesses faced surging fuel expenses as national diesel prices climbed to a record $6.06 per gallon.[CBS News]
• Federal Reserve leaders are focusing on price pressures ahead of their next interest rate decision.[CBS News]

Key facts

• The consumer price index increased 0.4% in August, leaving the 12-month inflation rate at 3.4%.[The Guardian · CNBC]
• Core consumer prices rose 0.3% for the month, exceeding forecasts by 0.1 percentage point, while the annual core rate hit 2.4%.[CNBC]
• Economists surveyed by FactSet had anticipated an annual inflation rate of 3.3% for August.[CBS News]
• The nationwide average price for a gallon of diesel reached a record $6.06 on Friday.[CBS News]
• Federal Reserve Chairman Kevin Warsh indicated that controlling price pressures is the central bank's primary objective.[CBS News]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Consumer prices rose 0.4% in August, as expected; core inflation was higher than estimatedCNBC
• August CPI shows inflation held at 3.4%, slightly hotter than expectedCBS News - Top Stories
• US consumer prices stayed high in August as Iran war pushed energy costs upThe Guardian - World