The dollar is climbing


The dollar is up.

The US dollar index is higher by 0.6% to 95.88 as of 9:51 a.m. ET.

Earlier, the latest data from the Bureau of Labor Statistics showed that the consumer price index increased by 0.2% in August, more than expected.

The report added that housing and medical costs were the two primary drivers of inflation.

As Business Insider’s Akin Oyedele explained:

“A shortage of affordable housing inventory amid strong demand from buyers has pushed up costs. The same thing is happening for renters; the vacancy rate fell to a 30-year low in the second quarter.

Healthcare prices are growing at a faster rate than overall inflation amid pricier medical costs following the implementation of the Affordable Care Act. Iincreased drug costs are being passed on to consumers in the form of higher premiums.”

As for the rest of the world, here’s the scoreboard as 7:38 a.m. ET:

    The Russian ruble is weaker by 0.6% at 65.1255 per dollar after the Central Bank of Russia cut rates by 50 basis points to 10.0% and indicated that it was done easing until 2017. “The statement accompanying today’s decision by the Russian MPC to lower interest rates was much less dovish than we had expected,” wrote Liza Ermolenko, emerging markets economist at Capital Economics, in a note. “We still think there’s room for significant monetary easing over the next year or so, although the clear risk now is that this will come later and be smaller than we had previously anticipated.”TheJapanese yen is little changed at 102.09 per dollar.Notably, the Bank of Japan meets next week. “We are skeptical that the BoJ will implement additional easing next week simultaneously with publication of the Comprehensive Assessment,” argued Citi Research’sKiichi Murashima and Katsuhiko Aiba in a note to clients.The euro is down 0.6% at 1.11172 against the dollar. Earlier, data showed that wages in the eurozone rose 0.9% in the second quarter year-over-year. TheBritish poundis weaker by 1.0% at 1.3108 against the dollar.The Australian dollar is lower by 0.4% at .7489 per dollar.