By Sarah Chaney Cambon and Nick TimiraosHigher gasoline prices boosted August consumer spending and kept inflation elevated, while underlying price pressures cooled amid the Federal Reserve's efforts to slow the economy. Americans increased their spending by a seasonally adjusted 0.4% in August from a month earlier, the Commerce Department said Friday. Solid job prospects, higher wages and rising gasoline prices helped fuel spending. The Federal Reserve's preferred inflation gauge, the personal-consumption expenditures price index, rose 0.4% last month, largely reflecting energy costs. Core prices rose 3.9% over the year, easing from an annual increase of 4.3% in July.

Source: Wall Street Journal September 29, 2023 13:08 UTC