US Inflation Accelerates as Gas Prices Soar in August

US inflation accelerated in August as gas prices spiked across the country.

The latest data from the US Bureau of Labor Statistics (BLS) showed that the Consumer Price Index (CPI) increased by 0.4% last month, surpassing expectations.

This marks a slight acceleration from July's 0.3% rise and brings the year-over-year inflation rate to 5.3%, still above the Federal Reserve's target of 2%.

The main driver behind this increase was the sharp jump in gas prices, which rose by 19.6% over the past month, making it the largest contributor to the overall CPI growth.