WASHINGTON (AP) — U.S. consumer prices rose 0.4% in August as energy prices moderated after big gains in the previous two months.
The Labor Department reported Friday that the August increase in the consumer price index followed a 0.6% jump in both July and June as prices rebounded following the virus-related shutdowns in earlier months.
The slowdown in August inflation reflected moderation in energy costs, which were up 0.9% last month following gains of 5.1% n June and 2.5% in July.
Food costs edged up a modest 0.1% in August after having fallen 0.4% in July.
The report painted a picture of continued moderation in inflation with prices up just 1.3% from a year ago. Core inflation, which excludes the volatile food and energy components, rose 0.4% in August and 1.7% over the past 12 months.