The energy index has also seen fluctuations, with gasoline prices down nearly 3% from last month but still about 15% higher than last year. The Federal Reserve is considering its next steps regarding interest rates as inflation persists, with some officials advocating for rate hikes to address ongoing price increases.
Watch for the Fed's upcoming decisions on interest rates as inflation remains above target. With the labor market showing weakness and energy prices fluctuating, the central bank's approach could shift. Key economic data will be released before their September meeting.