After yesterday’s surprising decline in producer prices, the Labor Department released new data on Thursday showing that consumer prices in the U.S. rose slightly more than analysts had anticipated in August.
The agency reported that the Consumer Price Index (CPI) increased by 0.4% last month, following a 0.2% rise in July. Economists had projected a 0.3% gain. On an annual basis, the CPI climbed to 2.9% in August from 2.7% in July, roughly in line with expectations.
Core inflation, which excludes volatile food and energy costs, rose 0.3% in August, matching the July increase and analyst forecasts. The annual core CPI remained steady at 3.1%, also meeting estimates.
In a separate report, the Labor Department indicated that initial claims for unemployment benefits unexpectedly rose during the week ending September 6. First-time claims reached 263,000, up 27,000 from the revised 236,000 of the previous week. Economists had expected a slight decrease to 235,000.
This surge brings jobless claims to their highest weekly level since October 23, 2021, when they hit 268,000.
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