Today's CPI report marks the last major piece of economic data before the Federal Reserve's Sept. 17 rate decision meeting.

Follow live coverage and analysis of the August consumer price index reading, which the Bureau of Labor Statistics released earlier today.

The cost of living rose again in August at an accelerated pace, but probably not enough to discourage the Federal Reserve from reducing interest rates next week. The latest consumer price index could raise questions about how aggressively the Fed cuts rates,

The Consumer Price Index rose 0.4% M/M in August, topping the +0.3% consensus and accelerating from +0.2% in July, according to data released by the Bureau of Labor Statistics on Thursday.

CPI rose 0.4% month-over-month (MoM) in August, against the expected 0.3%. In August, Core CPI rose 3.1% YoY as per expectations. The figure rose 0.3% MoM as expected. The CPI data is the most common metric to measure inflation.

Underlying US inflation rose as expected in August, keeping the Federal Reserve on track to cut interest rates next week.

The August CPI came in higher than forecast on a monthly basis, but Wall Street still expects a rate cut at next week's Fed meeting.

Inflation continued to crunch budgets in August as tariffs pushed up prices on groceries and other household items.

Investors are looking ahead to an August consumer-price index report on Thursday that has the potential to curb the Federal Reserve’s enthusiasm for interest-rate cuts beyond September.