Gasoline Prices Jump Again as Inflation Rises 3.4% in August
Gasoline prices drove more than a third of the monthly increase as core inflation eased to 2.4%, leaving Federal Reserve policymakers to weigh rates.
- Inflation rose 3.4% year-over-year in August, with rising gasoline prices accounting for more than a third of the monthly increase, according to the U.S. Bureau of Labor Statistics report released Friday.
- Energy costs continue to climb, fueled by the ongoing war with Iran and shrinking oil supplies, pushing fuel prices higher again in August.
- Fuel oil surged 10.1%, cellphone services climbed 5.9%, computers jumped 3.8%, and airline tickets rose 2.7% in August. These sector-specific increases underscore broad-based inflation pressures.
- Friday's inflation report marks the final major economic indicator before next week's Federal Reserve meeting, where policymakers must decide whether to raise interest rates.
- Stripping out volatile energy and food costs, so-called "core" inflation dipped to 2.4% in August, a slightly smaller annual increase than July, suggesting underlying price pressures may be moderating.
31 Articles
31 Articles
The most recent peak in the CPI was recorded last May, when it jumped to 4.2%, the highest level since April 2023.
U.S. inflation remains at 3.4% in August report - The Daily Bo Snerdley
(The Center Square) – U.S. inflation rose by 0.4% in August for an annual rate of 3.4%, keeping in track with July’s data, according to a new report from the U.S. Bureau of Labor Statistics. The index for gasoline rose 3.9% during the month, accounting for more than one third of the monthly items increase. Energy overall increased by 2.1% and the shelter index rose by 0.3%. The index for food increased 0.1% over the month and rose 0.3% for all…
Inflation in the United States stood at 3.4% per year, due to a significant increase in gasoline prices. Inflation in the United States reports in August; the probability of an increase in the Fed rate rose first in the CEO.
U.S. Inflation Holds at 3.4% as Gasoline Surge Revives Fed Rate Hike Risk
TLDR: U.S. inflation held at 3.4% in August as gasoline prices surged 3.9% and drove one-third of CPI gains. Core CPI eased to 2.4% annually, its lowest since March 2021, despite a 0.3% monthly increase in August. September Fed hike odds rose to 82% from 68% after core CPI beat the 0.2% consensus with a [...]
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