Consumer prices rose faster than expected in August while weekly jobless claims jumped to their highest level in nearly four years, presenting the Federal Reserve with a complex mix of signals ahead of its upcoming policy meeting.

The Labor Department reported that the consumer price index (CPI) increased 0.4% for the month, marking the sharpest rise since January. On an annual basis, inflation now stands at 2.9%, slightly above July’s pace and the highest since the start of the year. Core inflation, which strips out food and energy costs, rose 0.3% in August and is running at 3.1% over the past year, in line with forecasts.

At the same time, jobless claims spiked to 263,000 for the week ending September 6 — a jump of 27,000 from the prior week and well above expectations. That’s the hig

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