Forex
US Inflation Accelerates Amid War on Iran, Energy Prices Soar
The US Consumer Price Index (CPI) report showed an acceleration in inflation, with a 0.4% increase in August and a 3.4% annual rise in consumer prices. This matches July's annual increase and meets economists' expectations.
Gasoline prices jumped 3.9%, accounting for more than one-third of the monthly increase in the CPI. Other motor fuels, including diesel, surged 9.6% in August and were up 44% year-on-year.
Economists warned that the ongoing US war on Iran could intensify inflationary pressure through the energy market. Crude oil prices climbed above $100 a barrel this week, while the US national average diesel price exceeded $6 per gallon for the first time.