August core inflation, excluding food and energy, rose 0.3%, hotter than expected

• The consumer price index rose 0.6% in August, its biggest monthly gain of 2023. The inflation gauge rose 3.7% from a year ago.
• Core CPI increased 0.3% and 4.3% respectively, against estimates for 0.2% and 4.3%. Fed officials focus more on core as it provides a better indication of where inflation is heading over the long term.
• Energy prices fed much of gain, rising 5.6% on the month, an increase that included a 10.6% surge in gasoline.
• The jump in headline inflation hit worker paychecks. Real average hourly earnings declined 0.5% for the month.

CPI report August 2023: Inflation rose 0.3% (cnbc.com)