Core CPI increased 2.4% year-on-year in August after rising 2.5% in July. Core CPI inflation was lifted by a 5.9% jump in mobile phone costs, likely related to service changes at AT&T.
"Over the next day, two, three, we're really going to have to think about what drove that increase in that particular sector," Miller said. "What does that mean longer term? And how does the Fed work that into its thinking? Does it think like I do, 'Oh, it's an interesting one off?' Or to them, is it just Step One of increases in core inflation pricing?"
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