US Inflation Holds Steady as Oil Prices Surge Amid Iran Tensions

The Bureau of Labor Statistics (BLS) reported that inflation remained steady in August, with the consumer price index (CPI) increasing by 0.4 percent last month and 3.4 percent over the same time last year.

Gas prices accounted for more than a third of the monthly increase, rising 3.9 percent in August alone, while energy prices overall ticked up 2.1 percent last month.

The core CPI, which excludes volatile food and energy prices, was up 0.3 percent in August and 2.4 percent year over year.

These numbers are crucial for the Federal Reserve's interest rate decision next week, with investors now pricing in a nearly 87 percent chance of a quarter-point hike, up from around 70 percent on Thursday afternoon.