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US Inflation Jumps to 3.4 Percent as Gas Prices Surge in August
(MENAFN) Inflation in the United States picked up pace last month, with the annual rate climbing to 3.4% and monthly price growth doubling to 0.4%, according to figures released Friday by the US Bureau of Labor Statistics.
The acceleration marks a sharp jump from July, when the monthly consumer price index had risen just 0.1%.
Fuel costs were the biggest driver behind the spike. A 3.9% jump in gasoline prices alone was responsible for more than a third of August's overall price increase. The broader energy index climbed 2.1% for the month — reversing a 1.5% drop in July — and now sits 16.3% higher than a year ago.
Stripping out volatile food and energy costs, core inflation rose 0.3% in August, slightly faster than July's 0.2% gain. Even so, the annual core rate eased marginally, slipping to 2.4% from 2.5% the month before.
Grocery bills also inched higher, with food prices up 0.1% on the month and 2.7% higher than a year earlier. Shelter costs rose 0.3% in August, while communication, hotel stays, and airfares all posted monthly increases as well.
The acceleration marks a sharp jump from July, when the monthly consumer price index had risen just 0.1%.
Fuel costs were the biggest driver behind the spike. A 3.9% jump in gasoline prices alone was responsible for more than a third of August's overall price increase. The broader energy index climbed 2.1% for the month — reversing a 1.5% drop in July — and now sits 16.3% higher than a year ago.
Stripping out volatile food and energy costs, core inflation rose 0.3% in August, slightly faster than July's 0.2% gain. Even so, the annual core rate eased marginally, slipping to 2.4% from 2.5% the month before.
Grocery bills also inched higher, with food prices up 0.1% on the month and 2.7% higher than a year earlier. Shelter costs rose 0.3% in August, while communication, hotel stays, and airfares all posted monthly increases as well.
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