US Inflation Picks Up Amid Soaring Gas Prices
US inflation accelerated last month as gas prices surged following renewed fighting in the Middle East. The consumer price index rose 3.4% year-over-year, matching July's rate.
The Labor Department reported a monthly increase of 0.4% from July to August, up from 0.1% in the previous month.
This uptick in inflation comes as midterm elections approach, with just seven weeks remaining before voters head to the polls.