Inflation cooled slightly in August as sliding gas prices offset rising costs elsewhere in the economy
, the latest CPI report backs up the narrative that inflation is squarely on the way back down.
Energy prices counted for much of the August slowdown, with costs falling 5% through the month. Prices at the pump contributed significantly, as waning demand and rebounding supply have reversed much of the run-up seen through the spring and early summer. The gas-price index fell 10.6%, and average prices seen through early September signal the downtrend will last into the fall. . The prices of previously owned cars and trucks slid 0.
However, underlying price-growth dynamics may be harder to tame than the headline gauge suggests. Core CPI inflation, which strips out volatile food and energy prices, rose 6.3% in the year through August, coming in above the median forecast of a 6.1% pace. That marked an uptick from the 5.9% year-over-year rate seen in July. The core measure is generally regarded as a better measure of inflation trends, and the latest data shows prices in much of the economy are still on the rise.
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