Headline Inflation Up On ‘Huge’ Hike In Energy Prices

The U.S. consumer price index (CPI) for August rose 3.7% year-over-year, according to the Depart of Labor, with the increase largely accounted for by a spike in gasoline prices, while CPI data overall showed a decrease in inflation.  The August CPI data is up from a 3.2% increase in July, year-over-year.  Core CPI prices, which exclude food and energy, rose 4.3%, down from 4.7% in July, though still more than double the Federal Reserve’s target of 2%. While this is the biggest monthly jump in inflation since January, it does not…