US Inflation Remains Steady at 3.4%, Fuelled by Gasoline Price Rebound

The US Consumer Price Index (CPI) rose 0.4% in August after increasing by just 0.1% in July, according to the Labor Department's Bureau of Labor Statistics.

This modest increase is attributed to a rebound in gasoline prices, which jumped 3.9% last month and accounted for over one-third of the monthly all items increase.

The overall inflation rate remained steady at 3.4%, slightly higher than economists had forecasted an annual rate of 3.3%.