Bureau of Labor Statistics CPI report for October 2024

US CPI Rises 2.5% in August, Lowest Since February 2021; Core Inflation at 3.2%

Sep 11, 2024, 12:31 PM

The U.S. Consumer Price Index (CPI) for August 2024 showed a year-over-year increase of 2.5%, in line with expectations and down from 2.9% in July. On a month-over-month basis, CPI rose by 0.2%, matching forecasts. Core CPI, which excludes food and energy prices, increased by 0.3% month-over-month, slightly above the expected 0.2%, and held steady at 3.2% year-over-year. This marks the lowest annual inflation rate since February 2021. The data suggests a continued moderation in inflation, with real earnings showing a positive trend. The Federal Reserve is expected to consider this data in its upcoming policy decisions, potentially leading to a rate cut next week.