CPI is up by 5.3% in August year-on-year
Consumer prices in the US rose at a slightly slower pace in August, as growing concerns over inflation remain on the agenda.
The consumer price index (CPI) is up by 5.3% in August year-on-year, the Bureau of Labor Statistics revealed.
The figure falls slightly below previous levels of 5.4% and is in line with economists’ expectations.
“Core” CPI, which discounts more volatile items including food and energy, also decelerated.
A number of the sectors that have seen higher prices this year have been more sensitive to supply chain disruptions caused by the pandemic.
With inflation levels are at multi-year highs, figures from July suggested that the rate of increase may be slowing down, suggesting that inflation may have peaked or be peaking.
However, others believe there are factors at play that could contribute to keeping annual inflation higher.
“If there is any relation between the real world and government data, we may start to see the enormous increase in home prices and rents filter into the CPI,” said David Donabedian, chief investment officer of CIBC Private Wealth US.