September 13, 2023 (MLN): The U.S. consumer price index (CPI) for the month of August 2023 surged by 3.7% YoY, compared to 3.2% YoY in July, the latest data issued by the U.S. Bureau of labor statistics on Wednesday showed.
Similarly, on a sequential basis, US CPI has increased by 0.6% MoM as compared to 0.2% in the previous month.
This was the largest MoM increase since June of last year when the CPI peaked at 9.1% YoY and 1.19% MoM.
Moreover, Core CPI increased by 4.3% YoY as compared to an increase of 4.7% in the previous month, and by 0.3% MoM as compared to an increase of 0.2% in July.
Meanwhile, CPI in the last year, August 2022 stood at 8.3% YoY, showing that the Federal Reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.
However, it still remains above the country's 2% inflation goal.
CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
