Prices rose rapidly as the summer wound toward its sweltering end in 2023, with monthly inflation rising at the worst pace in 13 months. | Economy
The pace of inflation in the U.S. moved sharply higher in August, pushed up by a big jump in gasoline prices.
The acceleration of inflation casts some doubt on how quickly the tightening of monetary policy will bring inflation back down to the Federal Reserve’s two percent goal. It also increases the odds that the Fed will hike rates another time before the end of the year. This is the sharpest monthly rise in inflation since June 2022, when the consumer price index soared 1.2 percent.
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