U.S. consumer prices rose 3.4% in the year through August 2026, while the measure excluding food and energy increased 2.4%, according to the Bureau of Labor Statistics’ September 11 release. Energy prices climbed 16.3% over that year, compared with a 2.7% rise in food prices. That uneven cost picture matters when investors consider how to prepare for a bear market: households and businesses can face pressure even when a broad inflation measure looks relatively contained.
