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Economic Report: Higher rents, gas boost inflation in August, CPI shows

Fixes story to correct the 12-month growth rate of CPI in July.

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Americans got socked by higher gas prices and rising rents in August, but the cost of other staples such as food and medical care are not going up very much.

WASHINGTON (MarketWatch) — Higher rents and gas prices socked consumers in August, but the cost of medical care is growing at the slowest rate since 1965, a trend that could restrain U.S. inflation if it persists.

The consumer price index, or cost of living, surged 0.4% last month to mark the biggest increase since January, the government said Thursday.

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