The consumer price index for August was expected to decrease 0.1% from the previous month and increase 8% from a year ago, according to Dow Jones.
Medical care services also showed a big gain, rising 0.8% on the month and up 5.6% from August 2021. New vehicle prices also climbed, increasing 0.8% though used vehicles fell 0.1%.
Treasury yields leaped higher, as the 2-year note, which is most closely tied to Federal Reserve interest rate moves, surged 0.13 percentage point to 3.704%. Within the jump in food costs, bread prices rose 2.2% on the month and are up 16.2% from a year ago. Eggs surged another 2.9% and are up 39.8% for the 12-month period, and canned fruits increased 3.4% and 16.6%, respectively.
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