U.S. inflation appears to be picking up, but only in a few parts of the economy.
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U.S. inflation appears to be picking up, but only in a few parts of the economy. The Labor Department said its consumer price index (CPI) rose 0.4% in August, topping a Reuters estimate of a 0.3% gain. The so-called core CPI, which strips out volatile food and energy prices, also climbed 0.4% to build on a 0.6% surge in July. However, a chunk of those gains came from an increase of more than 5% in used car and truck prices. It was the biggest gain for used cars and trucks since 1969.  Excluding autos, food and energy, inflation remained muted amid low demand for health care, air travel and restaurant services due to the coronavirus pandemic. This lack of broad inflation comes after famed investor Stanley Druckenmiller and former Federal Reserve Chairman Alan Greenspan warned earlier this week about a potential surge in prices. Greenspan said Thursday that the U.S. inflation outlook is "unfortunately negative and that's essentially the result of entitlements crowding out private investment and productivity growth." Druckenmiller told CNBC on Wednesday that he thinks inflation could hit 10% in the coming years. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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