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People walk outside a supermarket on the Upper West Side on September 5, 2021. Photo: Noam Galai/Getty Images

The core Consumer Price Index (CPI), which measures the price of goods and services excluding food and energy, increased 0.1% in August on a month-over-month basis.

The big picture: The core CPI numbers released Tuesday showed a smaller gain than the .3% increase economists were expecting. It was the smallest increase since February 2021.

  • The headline CPI figure that includes energy and food prices increased 5.3% in August compared to a year ago and 0.3% from July.
  • Economists had predicted a 5.4% annual increase and 0.4% for the month.

Between the lines: The energy index rose 2%, gasoline prices increased 2.8% and food rose 0.4%, per data released on Tuesday.

  • Energy is up 25% from a year ago and gasoline has risen 42% during the period.
  • The index for used cars and trucks decreased 1.5% in August on a month-over-month basis.
  • Hotel and motel prices were down 3.3% and airline fares were down 9.1%, per the data.

Thought bubble from Axios' Kate Marino: With the rate of inflation cooling slightly in August, it gives the Federal Open Market Committee breathing room to put off a decision on dialing back its emergency market support when the committee meets next week.

Go deeper: Consumer inflation expectations continue to rise

Go deeper

Bryan Walsh, author of Future
Sep 15, 2021 - World

The global food price crisis isn't going away

Data: Food and Agriculture Organization of the United Nations; Chart: Axios Visuals

Global food prices have continued to rise throughout the pandemic, and they're now at close to the highest level they've been in decades.

Why it matters: Beyond the hunger and suffering that comes with costlier food, high prices are driving serious political discontent around the world — and there's little relief in sight.

14 mins ago - World

Trudeau's government projected to win Canada election

Canadian Prime Minister Justin Trudeau. Photo: Jeff Vinnick/Getty Images

Canadian Prime Minister Justin Trudeau's Liberal government has been reelected in the national election, the CBC and CTV News projected on Monday night.

Yes, but: "It's still too early to say whether it will be a minority or majority government," the Canadian Broadcasting Corporation reports.

Pelosi's back-to-school math problem

Illustration: Sarah Grillo/Axios

House Speaker Nancy Pelosi (D-Calif.) may need votes from an unlikely source — the Republican Party — if she hopes to pass the bipartisan infrastructure bill by next Monday, as she's promised Democratic centrists.

Why it matters: With at least 20 progressives threatening to vote against the $1.2 trillion bipartisan bill, centrist members are banking on more than 10 Republicans to approve the bill.