US CPI rose 0.4% in August: Gasoline up 3.9%, core inflation at 2.4%
US consumer prices rose 0.4% month over month and 3.4% year over year in August 2026. Core CPI increased 0.3% monthly and 2.4% annually. A 3.9% rise in gasoline accounted for more than one third of the monthly headline increase.
In this article
Three rates that stand out
- The BLS reported August 2026 headline CPI up 0.4% month over month and 3.4% year over year.
- Core CPI excluding food and energy rose 0.3% monthly; its annual rate eased from 2.5% to 2.4%.
- Gasoline rose 3.9%, the energy index advanced 2.1%, and shelter increased 0.3% over the month.
US CPI data and market-reading matrix
The BLS August result shows faster monthly inflation and a lower annual core rate even as the annual headline rate was unchanged.
| Indicator | July | August | Short context |
|---|---|---|---|
| Headline CPI · monthly | 0.1% | 0.4% | Monthly inflation accelerated |
| Headline CPI · annual | 3.4% | 3.4% | Annual rate was unchanged |
| Core CPI · monthly | 0.2% | 0.3% | Monthly core pace increased |
| Core CPI · annual | 2.5% | 2.4% | Annual core rate eased |
| Energy · monthly | -1.5% | 2.1% | Gasoline rose 3.9% |
QUICK ANSWER · What was the August US CPI result?
The BLS published the August 2026 Consumer Price Index on September 11 at 8:30 AM ET. Headline CPI rose 0.4% month over month and 3.4% year over year. Core CPI excluding food and energy increased 0.3% monthly and 2.4% annually.
Why does this release carry extra weight?
The Federal Reserve meets on September 15–16 and will publish a new set of economic projections. CPI does not determine the policy decision on its own; employment, PCE inflation, financial conditions and energy prices also matter. But a consumer-inflation report released just days before the meeting is one of the newest official inputs into short-rate and Treasury pricing.
Which components drove August?
The gasoline index rose 3.9% in August and, according to the BLS, accounted for more than one third of the monthly headline increase. Energy advanced 2.1%, shelter rose 0.3%, and food increased 0.1%. Electricity fell 0.2% and utility gas declined 1.1%.
What does the core reading show?
Core CPI excluding food and energy rose 0.3% over the month and 2.4% over the year. Shelter increased 0.3%, airline fares rose 2.7%, and used cars advanced 0.4%, while medical care and motor vehicle insurance declined. CPI is not the same series as the PCE price index used for the Federal Reserve's 2% objective.
The first chain into gold, the dollar, Treasuries, Nasdaq and Bitcoin
A stronger-than-anticipated monthly core pace can, all else equal, push short-rate and Treasury yields higher and support the dollar while weighing on gold, long-duration equities and crypto. A softer core pace can produce the opposite first reaction. These are not mechanical guarantees: an energy shock, geopolitical risk, growth concerns and positioning can produce conflicting signals at the same time.
A four-step read after the release
Start by separating monthly headline and core rates. Then ask whether the annual change reflects base effects or a new shift in monthly momentum. Third, inspect shelter, energy and service components. Finally, check whether two- and ten-year Treasury yields and the dollar confirm the same direction. The first minute's price move does not have to become a lasting trend.
WHAT DOES IT MEAN FOR MY MONEY, COMPANY OR PORTFOLIO?
A Türkiye-based holder of dollar-priced gold, US equities or crypto faces two variables: the asset's dollar price and USD/TRY. On a TRY 100,000 position, a 1% move in the asset is roughly TRY 1,000 if FX and costs are unchanged; if the exchange rate also moves, the effects compound. Importers should track the dollar and financing costs, exporters should track external demand and FX, and borrowers should watch global yields. The scale example excludes tax, fees, spreads and leverage and is not investment advice.
Gold, energy and commodities
Gold, energy and commodities
Global economy