CNBC Daily Open: Don't worry about August's hotter-than-expected CPI

At first glance, August’s CPI report seems like bad news. But look more closely and you’ll find things aren’t as terrifying as they seem.

The bottom line

The headline number was pushed up by rising oil prices, which have been steadily increasing in recent weeks, as we've. Gasoline prices soared 10.6% in August, the largest contributor to inflation last month, according to the U.S. Bureau of Labor Statistics. Excluding volatile energy prices, monthly core inflation was up 0.3% against the expected 0.2%. Here, shelter costs were the main culprit for the hotter-than-expected increase."Housing continues to contribute an outsized share to the inflation measures," said Lisa Sturtevant, chief economist at Bright MLS.

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