U.S. consumer inflation increase in August, jobless claims surge
CBS America · Just In
CBS America
Just In
The Consumer Price Index rose 2.9% in August compared to a year earlier, moving away from the Federal Reserve's 2% annual target. Jobless claims also rose to the highest level since October 2021. CBS News' Kelly O'Grady breaks it down.
Breakdown
- Consumer price index rose 0.4% in August, up from 0.2% in July. 6s
- Annual inflation reached 2.9%, moving further from the Fed's 2% target. 31s
- Price increases were seen in groceries, shelter, energy, and some tariff-affected goods. 1m 4s
- Jobless claims hit their highest weekly level in nearly four years. 2m 30s
- Labor market weakness is expected to be a priority for the Federal Reserve's next decision. 2m 38s