U.S. inflation picked up in August on surging energy prices

September 18, 2023 | Claire Fan and Abbey Xu


RBC Economics provides a monthly analysis of the key indicators on price trends in the United States.

U.S. inflation picked up in August on surging energy prices

U.S. inflation picked up speed in August on surging energy prices

  • Elevated oil prices pushed U.S. energy prices higher.
  • But broader inflation pressures have continued to ease south of the border.
  • Rent, one of the main contributors to inflation, has slowed on a month-over-month basis.
  • And excluding rent, the U.S. Fed’s preferred ‘core’ inflation measure still-below pre-pandemic trend levels.
  • Wage growth remains stubborn at 5% to 6%, despite an easing in overall price pressures.

See our Canadian Inflation Watch here.

This article was originally published on RBC.com. To read the full article and previous updates, click here

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