File - As shoppers wait in the background, a woman looks at Apple's new iPhone 15 at an Apple Store in Los Angeles, Friday, Sept. 22, 2023. On Friday, the Commerce Department issues its August report on consumer spending. (AP Photo/Jae C. Hong, File)
September 30, 2023
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September 30, 2023 midnight
Higher gas prices lift Fed's preferred inflation gauge but underlying price pressures remain mild
Friday's report from the Commerce Department showed that prices rose 0.4% from July to August, up from just 0.2% the previous month. A 10% monthly spike in prices at the gas pump drove the increase.