U.S. CPI surges 8.3 pct in August, warranting Fed's big rate hike

WASHINGTON, Sept. 13 (Xinhua) -- The U.S. Labor Department reported Tuesday the country's consumer inflation in August surged 8.3 percent from a year ago, slightly down from the previous month but still at an elevated level, warranting another big rate hike by the Federal Reserve.

The Consumer Price Index for All Urban Consumers (CPI-U) ticked up 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, according to the department's Bureau of Labor Statistics.