August CPI in Three Charts: Why Core Inflation Warped the Fed's Next Move
The August consumer price index, released Friday September 11, looked tame on its surface and hot where it mattered. Headline CPI rose 0.4% month over month, in line with expectations, and 3.4% from a year earlier, matching July. Core inflation, the reading the Federal Reserve leans on, accelerated 0.3% on the month against a 0.2% consensus and held annual core at 2.4% (BLS, September 11). One tenth of a point does not sound like much, but it was enough to tilt the September 15-16 Federal Open Market Committee meeting from a close call toward a hike.
Key Takeaways August CPI rose 0.4% month over month and 3.4% year over year, both in line with expectations (BLS, September 11). Core CPI came i…
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