US Consumer Price Index rose 0.4% in August with headline at 3.4% year-over-year while core CPI cooled to 2.4% ahead of the September 15-16 FOMC meeting. The Black Executive Journal — Daily Edition
The Bureau of Labor Statistics reported this morning at 8:30 AM ET that the US Consumer Price Index for All Urban Consumers rose 0.4% in August 2026 seasonally adjusted, up from 0.1% in July, per USDL-26-1496 (BLS CPI Release — September 11, 2026).
Over the 12 months ending in August, the all-items index rose 3.4% before seasonal adjustment, unchanged from the 12 months ending in July.
The all-items index less food and energy — core CPI — rose 0.3% for the month and 2.4% over the year.
Gasoline was the dominant force.
The gasoline index rose 3.9% in August, accounting for over one-third of the monthly all-items increase. The broader energy index rose 2.1% for the month and 16.3% over the past 12 months, aligning the CPI energy picture with yesterday's PPI signal of a 4.2% August rise in final demand energy (BLS PPI Release — September 10, 2026).
Shelter continued a measured slowdown: +0.3% in August, +3.0% over the year. Services less energy services rose 0.3% MoM and 3.0% YoY — the softest core-services trajectory in over a year.
Medical care fell 0.2% in August after rising 0.4% in July and is up only 1.6% YoY. Transportation services rose 0.5% MoM and 2.4% YoY.
Food rose 0.1% for the month and 2.7% over the year, with food at home flat MoM and +2.2% YoY and food away from home +0.3% MoM and +3.4% YoY (BLS CPI Release — September 11, 2026).
Core cooling to 2.4% year-over-year with services-less-shelter at 3.0% is the underlying signal that keeps a November rate-cut case live in the strip despite hot headline energy.
The Federal Reserve's September 15-16 meeting will most likely deliver Chair Powell's post-meeting framing on cut cadence rather than a September cut itself.
Treasurers with 2027 refinancing timing should consider locking exposure into next week's likely Fed-driven curve reset.
Operators with meaningful diesel and gasoline exposure — trucking, delivery, aviation, ride-share — should re-run their September-quarter margin sensitivity to fuel.
COMING UP...
EUROPE — ECB Rate Hike Follow Through And BoE Agents' Summary Release
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The European Central Bank Governing Council raised all three key rates by 25 basis points yesterday — deposit facility to 2.50%, main refinancing operations rate to 2.65%, marginal lending facility to 2.90% — its second 2026 hike after a matching June step (ECB Monetary Policy Statement — September 10, 2026; Crypto Briefing — September 10, 2026).
