US annual inflation eased last month but remains stubbornly high

US inflation cooled off in August for the second-straight month but remained stubbornly high, according to data from the Bureau of Labor Statistics released Tuesday.

The Consumer Price Index, which measures a basket of consumer goods and services, showed prices were up 8.3% year on year, a slowdown from the 8.5% gain in July and the 9.1% spike in June. The last time the headline CPI rate declined in consecutive months was the first part of 2020.

On a monthly basis, consumer prices rose 0.1% from July.