Annual Consumer Price Index (CPI) fluctuations often lead to headlines about rising inflation, but the 12-month average doesn't tell the whole story 

CPI increased by 0.6% from July to August, with a 3.7% rise from August 2022 to August 2023 

Gas prices played a significant role in boosting inflation, rising by 10.6% from July to August 

Saudi Arabia's production cut, aligned with Russia's needs, may further drive gas prices up in the coming months 

Services inflation, including airfares and hospital services, had a smaller impact on August CPI 

Rent inflation remains low, with room for further improvement in the official indicators 

Zillow's rent report showed a decline in inflation, even in cities like Austin, San Antonio, Las Vegas, and Portland 

With rent disinflation beginning, the Fed's job to control inflation becomes easier 

Used car prices dropped but still have room to decline, based on wholesale data 

Data suggests that the Fed is unlikely to hike interest rates in September, as the economy normalizes and supply increases while demand stabilizes