The consumer price index picked up to 2.9 per cent in August, accelerating from 2.7 per cent on a year-on-year basis in July.

The Bureau of Labor Statistics will release the producer price index on Wednesday, followed by the consumer price index the next day.

New CPI update shows prices increased 2.9% over the last year, but Wall Street optimistic Fed will cut interest rates

U.S. inflation picked up moderately in August, with prices up 2.9% from a year earlier. The Federal Reserve next meets Sept. 16-17.

The pace of price rises ticked up as focus turns to the next move by the US Federal Reserve.

The consumer price index was expected to increase 0.3% in August, according to the Dow Jones consensus estimate.

Urban American consumers are paying more for good and services while more are out of work, according to the U.S. Bureau of Labor Statistics.

The consumer price index picked up to 2.9 per cent in August, accelerating from 2.7 per cent on a year-on-year basis in July.