Consumer prices cooled in August, easing inflation concerns

www.cbsnews.com
2 min read
fairly difficult
Excluding volatile food and energy costs, prices around the U.S. have risen 4% over the last year.
U.S. consumer prices rose lower-than-expected 0.3% last month, the smallest increase in seven months and a sign that inflation pressures may be cooling.

The August gain fell from a 0.5% increase in July and a 0.9% surge in June, the Labor Department reported Tuesday. It was the smallest increase since a similar 0.3% rise in January. The August slowdown in prices was seen as offering some hope that Americans were finally starting to see some relief from a price surge earlier in the year.

"Pandemic-related effects will diminish further over coming months," Rubeela Farooqi, chief U.S. economist with High Frequency…
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