Forex
US Inflation Accelerates Amid Soaring Gas Prices
US inflation accelerated in August as gas prices surged due to renewed fighting in the Middle East. The consumer price index rose 3.4% last month compared with a year ago, matching July's rate. However, on a monthly basis, inflation quickened, with costs jumping 0.4% from July to August.
The Labor Department reported that gas prices were a significant contributor to the rise in inflation. As fighting intensifies in the Middle East, energy costs are likely to continue affecting American consumers' finances.
The increase in inflation comes just seven weeks before midterm elections, highlighting the affordability challenges facing many voters.