Inflation ticks upward to 3.7% as the Fed's fight to tame high consumer prices rolls on

Prices for U.S. consumers grew 3.7% in August as gasoline prices spiked, according to the Bureau of Labor Statistics.

Inflation was about equal to expert projections, and prices rose at a faster pace than the previous month.

Economists had expected the data to show a 3.6% overall increase in inflation compared to a year ago. That makes the second time the year-on-year inflation measure has ticked upward since July after 12 consecutive months of declines.

Core inflation, a measurement of cost increases that removes energy and food prices because of their volatility, rose 4.3% percent. That, too, matched estimates from experts.

The Federal Reserve has been focusing on core inflation recently as it tries to crimp inflation.

Broadly speaking, the central bank's effort seems to have been working. Overall inflation was 3.2% in July compared to July 2022, while core inflation was 4.7%.