The U.S Commerce Department released the consumer price index for the month of August, where CPI climbed by 0.4% after rising by 0.5% back in July and well above median estimates of 0.2%, while compared with a year earlier, CPI rose by 3.8%; better than the prior and forecasted estimates of 3.6 percent.

Core CPI stagnated at 0.2 percent compared to the median and prior estimates, while compared with a year earlier, core CPI rose by 2.0%; slightly better than median estimate of 1.9 percent and the prior estimate of 1.8 percnet.