The August 2026 Consumer Price Index rose 0.4% on the month and 3.4% over twelve months, both in line with consensus. Energy drove the headline - the energy index rose 2.1% in the month and 16.3% year-over-year, with gasoline up 3.9% in August - while shelter rose 0.3% and food 0.1%. The print carried the reversed energy base in full and traders raised the odds of a September hike on its release.