News Summary: Higher gas costs drive up US prices

AP News
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Posted: Sep 14, 2012 4:05 PM
News Summary: Higher gas costs drive up US prices

BIG JUMP AT THE PUMP: More expensive gas drove up consumer prices in August by the most in three years. The Labor Department said Friday that consumer prices rose a seasonally adjusted 0.6 percent, the first increase since March.

STILL, INFLATION TAME: Outside energy, price increases were mild. Prices excluding food and energy edged up 0.1 percent for the second straight month.

MILD GAINS: In the past 12 months, prices have increased 1.7 percent. That's down from a peak of 3.9 percent in September 2011 and below the Fed's inflation target of 2 percent.