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Business News/ Economy / US inflation accelerates to 3.7% in August driven by rising gasoline prices
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US inflation accelerates to 3.7% in August driven by rising gasoline prices

In the 12 months through August, the CPI accelerated 3.7% after climbing 3.2% in July. The year-on-year consumer prices have come down from a peak of 9.1% in June 2022.

Gasoline prices, which jumped 10.6%, accounted for more than half of the increase in the CPI.Premium
Gasoline prices, which jumped 10.6%, accounted for more than half of the increase in the CPI.

US consumer prices rose by the most in 14 months in August led by a surge in gasoline cost, but the annual rise in underlying inflation was the smallest in nearly two years.

The consumer price index (CPI) increased by 0.6% last month, the largest gain since June 2022, after rising 0.2% for two straight months, the Labor Department said on Wednesday. 

In the 12 months through August, the CPI accelerated 3.7% after climbing 3.2% in July. The year-on-year consumer prices have come down from a peak of 9.1% in June 2022.

Gasoline prices, which jumped 10.6%, accounted for more than half of the increase in the CPI, Reuters reported.

Food prices rose 0.2% for the second straight month. Grocery food prices increased 0.2%, slowing from June’s 0.3% advance.

The mixed US inflation data raised expectations that the US Federal Reserve may keep interest rate hikes on hold next week despite the biggest increase in consumer prices in a year. 

(With inputs from Reuters)

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Published: 14 Sep 2023, 07:40 AM IST
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