US Consumer Prices Rise 0.3% In August, Lowest In 7 months

FILE - Consumers shop at a Walmart store in Vernon Hills, Ill., Sunday, May 23, 2021. U.S. consumer confidence fell in August to the lowest level since February amid rising concerns about the rapidly spreading delta variant of the coronavirus and worries about higher inflation. The Conference Board reported Tuesday, Aug. 31, 2021 that its consumer confidence index dropped to a reading of 113.8 in August, down from a revised 125.1 in July. (AP Photo/Nam Y. Huh, file)

(AP) — U.S. consumer prices rose a lower-than-expected 0.3% last month, the smallest monthly increase n seven months and a hopeful sign that inflation pressures may be cooling. The Labor Department reported Tuesday that the August gain was down from a 0.5% increase in July and a 0.9% surge in June. It was the smallest increase since a similar 0.3% rise in January. The August slowdown in prices was seen as offering hope that Americans were finally starting to see some relief from a price surge earlier in the year.

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