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The cost of living last month was also pushed up by sustained increases in rents. The uptick in inflation is likely to be welcomed by Fed officials when they gather next week to deliberate on monetary policy, though a rate hike is not expected at that meeting. "The economy may not be firing on all cylinders, but growth is enough to spark a little more inflation than we thought. The Fed decision is going down to the wire," said Chris Rupkey," chief economist at MUFG Union Bank in New York.
The Labor Department said on Friday its Consumer Price Index increased 0.2 percent last month after being unchanged in July. In the 12 months through August, the CPI increased 1.1 percent after advancing 0.8 percent in the year through July. The so-called core CPI, which strips out food and energy costs, rose 0.3 percent last month, the biggest increase since February, after gaining 0.1 percent in July. Economists had forecast the CPI nudging up 0.1 percent last month and the core CPI gaining 0.2 percent. The core CPI increased 2.3 percent in the 12 months through August after rising 2.2 percent in the year through July.
The dollar rallied against a basket of currencies on the data, while prices for U.S. Treasuries were mixed. U.S. stocks were trading lower, with sentiment also hurt by declining oil prices and the U.S. Justice Department's demand for $14 billion from Deutsche Bank to settle claims related to sales of mortgage-backed securities. The Fed is expected to leave interest rates unchanged next week against the backdrop of a raft of disappointing economic reports for August, including weak retail sales and industrial production as well as a slowdown in job growth.
A separate report on Friday, however, showed consumer sentiment was steady in early September, suggesting retail sales could rebound in the coming months. The U.S. central bank has a 2 percent inflation target and tracks an inflation measure that has been stuck at 1.6 percent since March. Fed Governor Lael Brainard said on Monday she wanted to see stronger consumer spending data and signs of rising inflation before hiking rates.
'DARK CLOUD'
Gas is only $2.35 !!!!!!!!!!!!!!!!!!!!!!!!
Bush & the Republicans destroyed 18 million jobs. Obama & Democrats have restored or created 10 million jobs!!!!!!!!!!!
Gas is only $2.35 !!!!!!!!!!!!!!!!!!!!!!!!
Bush & the Republicans destroyed 18 million jobs. Obama & Democrats have restored or created 10 million jobs!!!!!!!!!!!
