Latest Inflation Report for August Shows Slight Rise Ahead of Next Fed Meeting

On Friday, the Bureau of Labor Statistics (BLS) released its latest report based on data about the prices of products and services across the U.S., showing that inflation nudged up slightly in August.

The rise shown in the consumer price index (CPI) report fell in line with Wall Street analysts’ predictions:

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As RedState previously wrote, the July and August inflation numbers beat predictions, and were on a positive downward trend.

Here’s a glimpse at what drove the month-over-month inflation number, CNBC reported:

Energy propelled the headline number higher, as gasoline prices jumped 3.9%, accounting for more than one-third of the index’s gain. The energy index broadly rose 2.1% amid pressure from escalating tensions in the Middle East and was up 16.3% from a year ago. Gasoline rose 27.4% and fuel oil surged 52% on a 12-month basis.

Food prices edged 0.1% higher as food at home costs held flat. The food index accelerated 2.7% annually.

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And this is a breakdown of more price changes from August 2025:

Price changes over last year (August CPI report)
Fuel Oil: +52.0%
Gasoline: +27.4%
Gas Utilities: +4.4%
Electricity: +3.8%
Apparel: +3.6%
Overall CPI: +3.4%
Food away from home: +3.4%
Shelter: +3.0%
Medical Care: +2.5%
Transportation: +2.4%
Food at home: +2.2%
New Cars: +0.6%…— Charlie Bilello (@charliebilello) September 11, 2026

Now, experts are considering what this could mean when the Federal Reserve meets next week:

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White House spokesperson Kush Desai characterized the CPI report as “reinforces how President Trump’s targeted policy interventions are paying off, with dramatic month-over-month price reductions for beef, prescription drugs, and car insurance.”

“These policies are having a lasting effect for everyday Americans,” he added, “and will continue delivering as energy supplies increase, markets stabilize, and overall inflation declines again.”

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“I would say that you just about hit the target and inflation is decelerating,” says National Economic Council Director Kevin Hassett on the heels of this month’s CPI report.

Watch our full interview here: https://t.co/n5u3vI4ucS pic.twitter.com/335nFYHfK5— Bloomberg TV (@BloombergTV) September 11, 2026

This is a developing story. RedState will provide updates as warranted.

(*) Full article: https://redstate.com/beccalower/2026/09/11/cpi-inflation-report-august-n2206814