Forex
Fed Faces Pressure to Hike Rates as US Inflation Hits 3.4%
US inflation rose to 3.4% in August compared to a year ago, according to data released by the Labor Department on Friday.
The consumer price index increased by 0.4% from July to August, with prices for gas, plane tickets, hotel rooms, and wireless phone services all rising.
Excluding food and energy categories, core prices rose 2.4% in August compared to a year ago, but on a monthly basis, they increased by 0.3%, the largest jump since April.
The report has put pressure on the Federal Reserve to boost interest rates at its upcoming meeting next week, with some officials pushing for higher rates to combat inflation.