US Inflation Hits 3.4% as Gas Prices Soar

Rising gasoline prices have driven inflation upwards in the US, according to the latest Consumer Price Index released by the U.S. Bureau of Labor Statistics.

The annual inflation rate rose to 3.4% in August, with a monthly increase of 0.4%, compared to 0.1% in July.

The gasoline index alone increased 3.9% in August, accounting for more than one-third of the energy index's 2.1% monthly increase.

The average price of a gallon of gasoline is now $4.295, up over 40% since late February, while diesel fuel prices have reached an all-time high of $6.069 per gallon.