US Inflation Hits Four-Month High as Petrol Prices Skyrocket

The US inflation rate saw its largest monthly increase in four months, according to the latest Consumer Price Index (CPI) report from the Department of Labor. The overall inflation rate rose by 0.4 percent last month, following a 0.1 percent increase in July.

Petrol prices were the main driver of this surge, increasing by 3.9 percent month-to-month and accounting for one-third of the overall monthly increase. Over the past week, the national average price for petrol jumped 15 cents from $4.15 per gallon to $4.30 per gallon.

The escalation in crude oil prices also contributed to this inflation increase, with Brent crude crossing the $100-per-barrel mark for the first time since July. The current market price of Brent crude is around $104.8 per barrel.