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Inflation climbs in August as grocery and gas prices jump
Inflation inched higher last month as Americans closed out the summer paying more for both groceries and gasoline.
Consumer prices in August were up 2.9% from a year ago, according to a report Thursday from the Labor Department. That's a sharper annual increase than the previous month, when inflation was clocked at 2.7%.
Prices rose 0.4% between July and August, compared to a 0.2% increase the previous month. Prices for groceries jumped 0.6% while gasoline prices rose 1.9%.
Consumers also saw higher prices for new and used cars, clothing and airfares in August. Stripping out volatile food and energy prices, "core" inflation was 3.1% for the last 12 months.
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