August Inflation Holds Steady at 3.4%, Core Inflation Edges Up

The latest US inflation data for August was released by the Bureau of Labor Statistics (BLS), showing that all-items inflation rose 0.4% on a seasonally adjusted basis, up from 0.1% in July. The annual rate held steady at 3.4%, matching expectations.

Core inflation, which strips out food and energy costs, increased 0.3% for the month, higher than expected, with an annual rate of 2.4%. This is a slight decline from July's 2.5% annual core inflation rate.

The price index for gasoline rose 3.9% in August, accounting for over one-third of the monthly all-items increase. Gas prices have risen 27.4% over the past year, with fuel oil increasing by 10.1% for the month and 52% annually.