Prices for a wide swath of goods and services continued to climb in August, according to a report Friday that could be the deciding factor on whether the Federal Reserve raises interest rates next week.
The consumer price index rose a seasonally adjusted 0.4% for the month, putting the 12-month increase at 3.4%, the Bureau of Labor Statistics reported Friday. Both readings were in line with the Dow Jones consensus.
However, stripping out volatile food and energy prices, core CPI posted a 0.3% monthly gain, or 0.1 percentage point higher than forecast. The core annual rate came in at 2.4%, in line with the estimate.
The report is the final major inflation indicator the Fed will see before it holds its policy meeting next week, concluding Wednesday with a vote on its key interest rate.
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