US Consumer Inflation Heats Up; Weekly Jobless Claims Near Four-Year High

U.S. consumer prices increased by the most in seven months in August amid higher costs for housing and food, but a surge in first-time applications for unemployment aid last week kept the Federal Reserve on track to cut interest rates next Wednesday.

The larger-than-expected rise in the Consumer Price Index reported by the Labor Department on Thursday resulted in the biggest year-on-year increase in inflation since January. The combination of higher inflation and deteriorating labor market conditions could fuel fears of stagflation.

August could be the start of a long-anticipated upward trend in...

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