Single family homes in San Marcos, Texas. Photographer: Jordan Vonderhaar/Bloomberg.
Underlying U.S. inflation unexpectedly picked up in August on higher prices for housing and travel, undercutting the chances of an outsized Federal Reserve interest rate cut next week.
The so-called core consumer price index (CPI)—which excludes food and energy costs—increased 0.3 percent from July to August, the most in four months, and 3.2 percent from a year ago, Bureau of Labor Statistics (BLS) figures showed Wednesday. The three-month annualized rate advanced to 2.1 percent, picking up from 1.6 percent in July, according to Bloomberg calculations.
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