Headline inflation of 3% was in line with expectations, holding steady versus July…

… on modest changes at the category level, with gains in recreation and shelter offsetting a sequential slowdown in transportation and food inflation.

While gas price growth moderated in August, a steady rise in crude oil prices through September should add upward pressure to the next print…

… but the drag from food could be persistent, with grocery inflation coming in below the headline number for the first time in two years (dairy driven).

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