Overall inflation slowed in August, measured by the Federal Reserve’s preferred gauge, but underlying price pressures strengthened last month, signaling that high inflation is increasingly entrenched in the U.S. economy.
Consumer prices rose 6.2% in August from a year earlier, easing from a revised 6.4% in July, as measured by the Commerce Department’s personal-consumption expenditures price index, which it reported Friday. The gain in June of 7%, revised up from 6.8%, marked the sharpest 12-month rise since December 1981.
