Excluding energy and food prices, inflation rose by a scant one-tenth of 1% in August, as measured by the Federal Reserve Board’s preferred inflation benchmark. However, because gasoline prices rose sharply in August, the PCED index of inflation -- including energy and food expenses -- rose in August by four-tenths of 1%. Released Friday morning by the Bureau of Economic Analysis, the monthly PCED report shows the 12 rate hikes implemente..