US Core Inflation Rose More Than Anticipated in August, Intensifying Speculation About the Federal Reserve's Upcoming Interest Rate Decision

Data released by the Bureau of Labor Statistics showed the Core Consumer Price Index (CPI) increased by 0.3% month-over-month (MoM), higher than the 0.2% forecast by economists.

Kenya’s inflation rate rose to 9.2% in August from 8.3% in July, driven by a rise in the cost of food and non-alcoholic beverages, the Kenya National Bureau of Statistics (KNBS) said on Wednesday.

The rate was above a median forecast of 8.8% in a Reuters poll of economists.

On a month-on-month basis, inflation was 0.6%, compared with 0.5% in July, the KNBS said.

Core inflation, which excludes food and energy costs, rose to 7.2% in August from 6.8% in July.

“The increase in the year-on-year inflation rate was mainly attributed to a rise in the prices of several food items, notably potatoes, tomatoes, onions, carrots, spinach, and sukuma wiki (collard greens),” KNBS said in a statement.

“Non-alcoholic beverages, such as milk, fresh juice, and soda, also contributed to the overall increase in inflation.”

Food and non-alcoholic beverages account for about a third of the inflation basket.

The government targets inflation of 7.5%, plus or minus 2.5 percentage points.

The central bank raised its benchmark lending rate by 50 basis points to 8.25% last month, saying inflation pressures remained elevated and that it expected to maintain a "measured" approach to monetary policy.

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