Inflation is set for a big increase, CPI to show. Here’s why.

Is inflation getting worse? Consumer prices are expected to post the biggest gain in August in more than a year. Here’s how to read the latest consumer-price index.The forecast Consumer prices are expected to jump 0.6% in August — the biggest increase in 14 months — according to economists polled by the Wall Street Journal.

By contrast, the CPI barely rose in each of the past three months. The chief culprit? Higher oil prices. The cost of oil has surged almost 25% since late July. In some parts of the U.S, the cost of gas has even topped $4 a gallon. As a result, the yearly rate of inflation c …

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