If these higher energy prices roll off... looks like disinflation to me.
The index for U.S. consumer prices rose 0.3% in August for the second straight month, pulled higher by energy prices, the Labor Department reported Friday. The
energy index in August rose 2.3% after a 2.6% gain in July. Meanwhile, food prices rose 0.2%, the largest increase since April. The core rate, which excludes volatile food and energy prices, was flat in August.
Economists surveyed by MarketWatch had expected the overall CPI to rise 0.3%, and for the core to gain 0.1%. Over the past 12 months, overall consumer prices have climbed 1.1% in August, down from 1.2% in July. Core prices have gained 0.9%, the same rate as the last five months. Prices for shelter were unchanged in August after rising 0.1% in each of the prior three months.