Monthly core prices increased 0.1%, a touch below April's 0.2% gain. Heading into the report, economists had expected core CPI to rise 2.9% year over year and 0.3% month over month.

The August 2024 CPI Report: All Items MoM CPI at 0.19% and Core MoM CPI at 0.28%. Read more to see a detailed breakdown of the CPI report.

On a monthly basis, the CPI rose 0.5%, versus economists' forecast for a 0.3% increase, according to FactSet. That's the biggest monthly jump since August 2023.

On a "core" basis, which excludes volatile food and energy costs, CPI rose 2.8% over the past year in May, matching April. Monthly core prices increased 0.1%, a touch below April's 0.2% gain.