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Economic Report: Inflation

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The numbers: The cost of living XXX .

The consumer price index X% last month, the government said Tuesday.

The increase X forecasts. Economists polled by The Wall Street Journal had estimated a 0.4% advance.

The rate of inflation in the 12 months ended in August X from 5.4%. Aside from a brief oil-driven spike in 2008, prices have risen at the fastest pace in almost X years.

Another closely watched measure of inflation that omits volatile food and energy X% in August. The 12-month rate X to X from a 29-year high of X%.

This core rate is closely followed by economists as a more accurate measure of underlying inflation.

Read: Higher U.S. inflation isn’t going away just yet. Here’s why

Big picture:

The Federal Reserve

The central bank has repeatedly referred to the sharp increase in prices as “transitory” and predicted inflation would taper off toward its 2% target by next year, using its preferred PCE price barometer.

So far most investors have been

Key details: The cost of used vehicles X% in August XXX.

The cost of gasoline X% last month and was another big contributor to inflation. Gas prices are up X% in the past year.

Food prices , severe weather damage

Opinion: This surge in inflation will soon be history

The cost of two other major consumer expenses, shelter and medical care,

Market reaction: The Dow Jones Industrial Average
DJIA,
+0.32%

and S&P 500
SPX,
-0.18%

were X in Tuesday trades. The yield on the 10-year U.S. Treasury BX:TMUBMUSD10Y note

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