Headline inflation came in just shy of estimates at 1.9% for August, moving higher from July’s 1.7% but moderating on a core basis…

… with gas prices posting a smaller Y/Y decline than in previous months…

… resulting in a less material slowdown in the transportation category. In the food category, inflation continues to heat up…

… with prices at the counter up 3.5% compared to last August…

… carried by meat prices, which are 7% higher on the back of a 13% jump in the cost of beef. The amount of steak I ate last weekend won’t help the next print.