(NEW YORK) — Consumer prices rose 2.9% in August compared to a year ago, marking an uptick in price increases as President Donald Trump’s tariff policy intensified. The reading matched economists’ expectations.

The fresh inflation data indicated an acceleration from a 2.7% inflation rate recorded in the month prior, according to the U.S. Bureau of Labor Statistics. Price increases remain below the 3% rate recorded in January, the month Trump took office.

The new report arrives days before the Federal Reserve is set to announce a widely expected quarter-point interest rate cut. The price hike last month may give policymakers pause as they weigh an interest rate cut, since a reduction of borrowing costs could boost spending and put upward pressure on prices.

Egg prices, a longtime symbol

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