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Consumer Price Index in August increased 0.03% from previous month, less than expected

The index is based on an array of consumer goods.

Updated: September 14, 2021 - 9:20am

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The Labor Department reported Tuesday the U.S. consumer price index rose 0.03% in August, compared to July – a sing that inflation could be cooling. 

The CPI, taken from an array of consumer goods, for August increased 5.3% from a year ago. In July, prices rose 0.5% on the month, according to CNBC.

The numbers were lower than expected.

Economists surveyed by Dow Jones expecting a 5.4% annual rise and 0.4% on the month, CNBC also reports. 

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