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The August consumer price index was reported up 8.3%, year-on-year, compared to forecasts for up 8.0%. On a monthly basis, the August CPI rose 0.1% from July. The July CPI report showed an 8.5% rise, annually. The food and energy component of the CPI report was up 0.6% in August, which is double the expectations for a rise of 0.3%. There had been some signs in the economy that inflation in the U.S. is cooling off a bit, but today’s data suggests inflation is still running hot and may get hotter.
The key outside markets today see Nymex crude oil prices firmer and trading around $88.25 a barrel. The U.S. dollar index is higher in early U.S. trading and rebounded from lower levels overnight. The yield on the 10-year U.S. Treasury note rose after the CPI report and is fetching 3.418%.
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Source: KitcoNewsNOW - 🏆 13. / 78 Read more »