US Annual Inflation Rises to 2.9 Percent, Driven by Food, Shelter Costs

U.S. consumer prices rose in August, driven by increases in food and shelter costs. Despite the uptick, the numbers are unlikely to derail the Federal Reserve’s widely expected interest rate cut next week.

According to Bureau of Labor Statistics data released on Sept. 11, the headline 12-month inflation rate rose to 2.9 percent in August from 2.7 percent in July.