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The Consumer Price Index rose 0.1% in August over July, according to the Bureau of Labor Statistics. The annual inflation rate of 8.3% was down slightly from 8.5% in July and 9.1% in June, when it reached a 41-year high.
Core CPI, which excludes food and energy costs, increased 6.3% in August from a year earlier. That was up sharply from the 5.9% rate in both July and June.
The report calls into question whether inflation has peaked, on the same day that President Biden is holding an event to celebrate last month’s passage of his so-called “Inflation Reduction Act.”
Republicans said the report is more proof that Democrats have driven up prices with too much government spending.
