Consumer price growth heated up in August, the Bureau of Labor Statistics reported Thursday. It's the latest indication that the U.S.economy continues to contend with an inflationary environment even as job growth cools.

The U.S. consumer price index (CPI) accelerated more than expected last month as the American job market continued to show signs of weakening. The U.S. Bureau of Labor Statistics said Thursday that August's CPI,

Inflation ticked up to 2.9% in August, the highest rate since January.

The Consumer Price Index likely inched higher in August, reflecting higher costs for food and other items, economists say.

In particular, prices for housing increased 0.4% in August, while the cost of groceries went up by 0.6%. The increase in prices of necessities means consumers will continue to be squeezed as the pace of wage increases slows.

This marked the highest inflationary uptick since January as many of President Trump’s tariff policies went into effect in August. Food overall was up 3.2% versus the same period last year, with food at home (grocery/supermarket) prices up 2.

U.S. consumer prices increased by the most in seven months in August amid higher costs for housing and food, but a surge in first-time applications for jobless benefits last week kept the Federal Reserve on track to cut interest rates next Wednesday.

US stocks were on pace for record closes as Wall Street's attention turned from an upbeat day marked by renewed AI fervor to the next tranche of critical economic data.

China's consumer prices fell more than expected in August while deflation in factory-gate prices persisted, as calls mounted for Beijing to ramp up stimulus measures.