US Inflation Rate Hits 3.4% as Gasoline Prices Surge Again

The inflation rate in the US rose to 3.4% in August, up from 3.0% in July, according to a report released by the U.S. Bureau of Labor Statistics.

The increase was largely driven by gasoline prices, which jumped 3.9% last month, accounting for over a third of the monthly rise in all items. Fuel oil also saw significant price increases, surging 10.1% after decreasing 1.7% in July.

The rising oil prices are attributed to ongoing conflict with Iran and shrinking oil supplies. The inflation report does not include recent developments such as Brent crude oil reaching $100 and diesel hitting an all-time high of $6 per gallon.