U.S. Inflation Remains Elevated Ahead of Fed Rate Decision

U.S. consumer prices rose 0.4% in August and 3.4% from a year earlier, according to the Bureau of Labor Statistics.

The increase was largely driven by higher gasoline costs, which accounted for more than one-third of the monthly rise in headline CPI.

Gasoline prices surged 3.9% in August, while the broader energy index increased 2.1% for the month and 16.3% from a year earlier.

Shelter prices rose 0.3% in August and 3.0% over the past 12 months, but food prices remained relatively stable at just 0.1%, with grocery prices unchanged.