August CPI: Results, market reaction, and key takeaway
Headline CPI rose 0.4% MoM in August after 0.1% in July, while annual inflation held at 3.4%. Core CPI rose 0.3% MoM, up from 0.2%, but annual core inflation eased to 2.4% from 2.5%. Gasoline rose 3.9%, accounting for more than one-third of the headline monthly increase.
📊 Results
Actual Reading
💡 Key Takeaway
Monthly headline and core inflation accelerated even as annual core inflation cooled. The mixed signal keeps near-term inflation pressure distinct from the longer-run disinflation trend.
📖 Why This Matters
The final CPI release before September's FOMC decision separates energy pressure from underlying inflation.
August CPI actual vs expected
| Release date | Friday, September 11, 2026 at 08:30 ET |
|---|---|
| Event type | CPI |
| Actual | 3.4% YoY |
| Prior | 3.4% YoY |
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🔗 Related Events
January CPI
2.4% vs 2.5% expected — lowest since May. Core at 2.5%, lowest since March 2021. June rate cut odds jumped to 70%.
February CPI
Headline CPI rose 2.4% YoY, matching January, with a 0.3% monthly gain. Sticky shelter and food kept pressure on the Fed, but the print largely met expectations.
March CPI
Headline CPI jumped 0.9% MoM and 3.3% YoY in March, exactly matching consensus, as gasoline and war-related energy pressure hit the print hard. Core CPI came in at 0.2% MoM and 2.6% YoY, softer than feared, which kept the print from becoming a full-blown policy shock.