A highly anticipated report released by the Labor Department on Tuesday showed a modest increase in U.S. consumer prices in the month of August.
The Labor Department said its consumer price index rose by 0.3 percent in August after climbing by 0.5 percent in July. Economists had expected consumer prices to increase by 0.4 percent.
Excluding food and energy prices, core consumer prices inched up by 0.1 percent in August after rising by 0.3 percent in July. Economists had been expecting another 0.3 percent increase.