The Labor Department announced this morning that the U.S. Consumer Price Index (CPI) rose 0.3% in August for the second straight month, boosted by energy prices. The energy index in August rose 2.3% after a 2.6% gain in July. Meanwhile, food prices rose 0.2%, the largest increase since April. The core rate, which excludes volatile food and energy prices, was flat in August. Economists had expected the overall CPI to rise 0.3%, and for the core to gain 0.1%.
During the past 12 months, overall CPI has increased 1.1% in August, down from 1.2% in July. Core prices have gained 0.9%, the same rate as the last five months.
At last check, U.S. stock futures eased back. Futures for the Dow Jones Industrial Average were up 33 points at 10,651. Those for the S&P 500 gained 3.70 points to 1,126.3. Meanwhile, crude oil and gold futures stayed higher. Crude oil for October delivery gained 10 cents to $74.72 a barrel. Gold for December delivery was up $6.90, or 0.5%, to $1,280.90 an ounce.
