Inflation Holds Steady as Savings Rate Hits 14-Year Low

The Federal Reserve's preferred inflation measure held steady at 3.4% in August, unchanged from July.

Consumer inflation has remained at 3% for three consecutive months when food and gas are removed from the calculation.

Americans spent $190 billion more in August than in July, with notable increases in non-durable goods ($25 billion), gas and energy ($21 billion), and restaurant and hotel spending ($21 billion).

However, despite increased spending, the personal savings rate fell to 4.1% in August, its lowest point since 2008.