US Inflation Report - August 2023

In August 2023, the US experienced a surge in consumer prices.

Consumer Price Index (CPI)

The Consumer Price Index (CPI) increased by 0.6% over the previous month.

Annual Inflation  Rate

Annual inflation reached 3.7% in August, exceeding July's 3.2%.

Energy Price  Surge

A significant rise in energy prices, driven by surging oil prices, was the major contributor to the inflation increase.

Core  Inflation

Core inflation, excluding food and gas, rose by 4.3% over the previous year

Rent Prices

Rent prices continued to surge, with the shelter index increasing by 7.3% over the last year.

Food Prices

Food prices also saw an increase, with the food index rising by 4.3% in August.

US Stock Market Reaction

US stocks dipped in early trading after the inflation data release.

Federal Reserve's Response

The Federal Reserve raised interest rates by 25 basis points, the highest level in two decades, to combat rising inflation.