BusinessUS Inflation Cools to 3.4% in August as Spending Rises 0.9%
US inflation rose 3.4% year-on-year in August, unchanged from July but lower than the expected 3.7%, providing some relief to the Federal Reserve amid rate hike considerations. The Personal Consumption Expenditures price index increased 0.3% in August. Consumer spending jumped 0.9%, indicating resilient demand. The Commerce Department revised inflation data back to 2021 due to methodology changes.
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