US August CPI +1.7% vs +1.8% y/y expected

US August CPI data

• Prior was +1.8% y/y expected
• Ex food and energy +2.4% vs +2.3% expected (2.2% prior)
• Avg weekly earnings 1.2% y/y vs 0.9% prior
• Real avg hourly earnings 1.5% vs 1.4% prior

Month-over-month data:

• +0.1% vs +0.1% exp
• Ex food and energy +0.3% vs +0.2% exp

The core number outweighs the headline, especially coupled with the small pickup in earnings.