Gas Prices Push Consumer Inflation Higher
Consumer prices in the U.S. rose in August by the most in three years as the cost of gasoline jumped. Retail sales also increased modestly last month. According to the Department of Labor, the Consumer Price Index increased 0.6% last month after being flat in July. That was the first increase in five months. Gasoline prices, which recorded their largest increase since June 2009, accounted for approximately 80% of the rise in consumer inflation last month.
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