Consumer prices rose 0.4% in August, as expected; core inflation was higher than estimated

Prices for a wide swath of goods and services continued to climb in August, according to a report Friday that could be the deciding factor on whether the Federal Reserve raises interest rates next week.

The consumer price index rose a seasonally adjusted 0.4% for the month, putting the 12-month increase at 3.4%, the Bureau of Labor Statistics reported Friday. Both readings were in line with the Dow Jones consensus.

However, stripping out volatile food and energy prices, core CPI posted a 0.3% monthly gain, or 0.1 percentage point higher than forecast. The core annual rate came in at 2.4%, in line with the estimate.

The report is the final major inflation indicator the Fed will see before it holds its policy meeting next week, concluding Wednesday with a vote on its key interest rate.

This is breaking news. Please refresh for updates.