An inflation gauge closely tracked by the Federal Reserve rose in August boosted mainly by higher gas prices. Retired Ripon College economist Paul Schoofs says a 10 percent monthly spike in prices at the gas pump drove the increase. Schoofs says in general the fight on inflation took another step forward last month. Fed officials pay particular attention to core prices, which are considered a better gauge of where inflation might be headed. Last month’s modest rise in core inflation could raise the likelihood that the Fed will leave interest rates unchanged at its next meeting Oct. 31-Nov. 1.
