US annual inflation up to 2.9% in August, meeting expectations

By Mucahithan Avcioglu

ISTANBUL (AA) - The annual inflation rate in the US was at 2.9% in August, in line with market forecasts, but up from 2.7% in July.

According to official figures from the Bureau of Labor Statistics, the monthly inflation rate was also at 0.4%, up from 0.2% in July, also exceeding market expectations of 0.3%.

Food prices in the US rose by 3.2% in August on a yearly basis, while energy prices were up 0.2%.

The core inflation, which excludes food and energy price increases, was at 3.1% in August, stable from the previous month.

Month-on-month shelter prices rose 0.4% in August, which is the primary factor behind the all-items monthly increase.

The food prices increased 0.5% over the month, and the energy prices rose 0.7% in August, largely due to a 1.9% increase in gasoline prices.