WASHINGTON, Sept. 14 (Xinhua) -- U.S. consumer prices grow faster in August, indicating that inflation pressure is building up.
Consumer Price Index (CPI), a main gauge of inflation, went up 0.4 percent on a seasonally adjusted basis in August, compared to 0.1-percent growth in the previous month, said the Labor Department on Thursday.
On a year-on-year basis, the index increased 1.9 percent, higher than the 1.7 percent growth in July.
Food index edged up 0.1 percent, compared to 0.2-percent growth in July. The energy index went up 2.8 percent in the month following a 0.1 percent fall in the previous month.
Excluding the volatile food and energy categories, the so-called core CPI went up 0.2 percent in August on a seasonally adjusted basis, slightly faster than the 0.1 percent increase in July.
On a year-on-year basis, the CPI was up 1.7 percent over the year, the same growth as in July.
The faster growth of CPI might support Federal Reserve to continue its interest rate hikes this year. Fed policy makers will meet next week to discuss policy moves.
They are widely expected to hold interest rate unchanged at the meeting while announce their plan to wind down the 4.5-trillion-U.S. dollar balance sheet.