The U.S. annual inflation rate came in at 8.3 percent in August, higher than the market forecast of 8.1 percent, according to the Bureau of Labor Statistics (BLS). This is slightly down from the 8.5 percent reading in July.
The core inflation rate, which strips the volatile food and energy sectors, also advanced to 6.3 percent last month. This was also higher than the market expectation of 6.1 percent and up from 5.9 percent in July.
On a monthly basis, the consumer price index (CPI) rose 0.1 percent, while the core CPI surged 0.6 percent.
Food and shelter costs contributed to the inflation numbers as they increased 11.4 percent and 6.2 percent, respectively, year-over-year.