US Inflation Steady at 3.4% Amid Energy Price Rebound

The Consumer Price Index (CPI) in the US remained steady at 3.4% year-over-year in August, according to the Bureau of Labor Statistics.

This marks the second consecutive month that inflation has held at this elevated rate, with a slight decrease from July's 2.9%. The overall CPI increased by 0.4% in August, matching forecasts.

Energy prices rose 2.1%, marking their first monthly increase since May, driven by price rebounds of 10.1% in fuel oil and 3.9% in gasoline.

The core CPI, excluding food and energy, increased by a more-than-expected 0.3% in August, with the year-over-year rate easing to 2.4%, its lowest since March 2021.