Inflation ticked up for 2nd consecutive month in August
Fresh inflation data follows an uptick in July that reversed some progress in the fight to slow price hikes. Consumer prices rose 3.7% in August compared to a year ago, marking the second consecutive month of increased i NFL ation and suggesting a bumpy path in the effort to bring i NFL ation back down to normal levels, government data on Wednesday showed. The fresh data follows an uptick in July that reversed some of the progress achieved in the fight to cut price increases and offer relief for household budgets. The data exceeded economist expectations that consumer prices would have increased 3.6% in August compared to a year ago, an increase from the inflation rate recorded in July. That month, the inflation rate ticked up on a year-over-year basis for the first time since last summer. Inflation stands well below its peak last year of over 9% but remains more than a percentage point higher than the Federal Reserve's target rate. Core inflation -- a measure that strips out vol...