The August consumer price index (CPI) rose 0.1% sequentially and 8.3% over the past year, exceeding economists’ expectations. Prices were driven by increased food, shelter, and medical care services, offsetting a sharp decline in gasoline prices.
Charlie Ripley, the senior investment strategist at Allianz Investment Management, said, "It's becoming more apparent to market participants that the amount of tightening from the Fed thus far has not been enough to cool the economy and bring down inflation."
