Inflation slowed a bit last month as Americans ramped up their spending, though price gains remained elevated and are a challenge for many voters as the midterm elections approach.
The Commerce Department said Wednesday that consumer prices rose 3.4% in August compared with a year earlier, below the 3.7% economists had forecast. On a monthly basis, prices climbed 0.3%, up from 0.1% in July, a sign prices are still running hot.
