Inflation unexpectedly accelerated in August, as shortages of a wide range of consumer goods and services drove up prices.
The Personal Consumption Price Index for August increased 4.3 percent from one year ago, reflecting increases in the prices paid by consumers for both goods and services, Commerce Department data showed Friday. That is the fastest pace of inflation since January 1991.
Energy prices increased 24.9 percent from the depressed levels of a year ago. Food prices jumped 2.8 percent.
Core PCE prices, excluding food and energy, rose 3.6 percent compared with a year ago. That is also the fastest pace since 1991.