Forex
US Inflation Holds Steady as Gas Prices Surge Ahead of Fed Decision
US inflation remained steady at 3.4% in August as consumer prices rose by 0.4% compared to July, driven mainly by a rebound in gasoline prices.
The Federal Reserve will meet on September 15 and 16 to discuss monetary policy, including the possibility of another interest rate hike to curb inflation that remains above the 2% target.
Gasoline prices surged by 3.9% month-on-month, accounting for over one-third of the overall price increase in August. The energy sector as a whole saw a 2.1% increase for the month.
Core inflation, excluding food and energy, rose by 0.3% in August, up from 0.2% in July, while year-on-year it slowed to 2.4%, down from 2.5% the previous month.