CPI rose at a rate of 2.9% in August as U.S. inflation ticked higher

The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate. Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.

Today's CPI report marks the last major piece of economic data before the Federal Reserve's Sept. The Consumer Price Index likely inched higher in August, reflecting higher costs for food and other items, economists say. The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.