Stocks jump after oil prices ease and an inflation update comes in near expectations | Chattanooga Times Free Press

U.S. stocks rose after oil prices eased and investors digested an inflation report that came close to expectations but showed prices re-accelerating. The Consumer Price Index increased 3.4% in August versus a year earlier, matching July’s reading, but month to month inflation jumped 0.4% from July—up sharply from 0.1% the prior month. The report renewed pressure on Federal Reserve officials ahead of their next rate decision, with economists pointing to higher gasoline costs after renewed Middle East fighting. Diesel prices have exceeded $6 per gallon, while airline tickets rose 2.7% in a month and more than 23% year over year. Core inflation climbed 0.3% month to month. Wall Street assigns an 80%+ chance of a Sept. 16 rate increase.