In the latest release from the U.S. Bureau of Labor Statistics on Wednesday, it was revealed that the U.S. Consumer Price Index (CPI) witnessed a substantial year-over-year (YoY) rise of 3.7% for the month of August 2023, surpassing the 3.2% YoY rate recorded in July.

Likewise, on a month-over-month (MoM) basis, the U.S. CPI experienced a 0.6% increase in August, a notable contrast to the 0.2% uptick observed in the previous month.

This marks the most significant month-to-month surge since June of the preceding year when the CPI reached its peak at 9.1% YoY and a 1.19% MoM increase. Meanwhile, the Core CPI, which excludes volatile food and energy prices, saw a YoY increase of 4.3%, down from the 4.7% growth in the previous month, and a 0.3% MoM rise, compared to the 0.2% increase seen in July.

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