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MNI BRIEF: US Aug Core CPI Surprises Higher On Housing

The August inflation report is the final major data point ahead of the FOMC meeting next week.

MNI (WASHINGTON) - U.S. core CPI surprised higher in August on a housing inflation rebound, rising 0.281% last month against expectations for a 0.2% increase. Headline CPI added 0.187%, in line with expectations, the Bureau of Labor Statistics said Wednesday. That brings the 12-month rate for headline and core CPI inflation to 2.5% and 3.2%, respectively. 

Owners' equivalent rent rose 0.50% last month, its strongest increase since January. Rent inflation slowed a tad to 0.37% from 0.49% the previous month. Core services prices excluding housing costs, or supercore CPI, accelerated to a 0.328% increase over the month from 0.207% in July. (See: MNI INTERVIEW: US Inflation Resurgence Still Possible- Koenig )

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MNI (WASHINGTON) - U.S. core CPI surprised higher in August on a housing inflation rebound, rising 0.281% last month against expectations for a 0.2% increase. Headline CPI added 0.187%, in line with expectations, the Bureau of Labor Statistics said Wednesday. That brings the 12-month rate for headline and core CPI inflation to 2.5% and 3.2%, respectively. 

Owners' equivalent rent rose 0.50% last month, its strongest increase since January. Rent inflation slowed a tad to 0.37% from 0.49% the previous month. Core services prices excluding housing costs, or supercore CPI, accelerated to a 0.328% increase over the month from 0.207% in July. (See: MNI INTERVIEW: US Inflation Resurgence Still Possible- Koenig )

Keep reading...Show less