Forex
Gas Prices Fuel Sudden Inflation Surge in US
US inflation accelerated in August as gas prices spiked.
The Consumer Price Index (CPI) rose by 0.1% from July, according to data released on Friday. This increase is above the expected 0.0% growth rate predicted by economists.
The main driver of this acceleration was a surge in gas prices, which increased by 2.8% in August alone. Gasoline prices have been rising steadily over the past few months, putting pressure on consumers and businesses alike.