US inflation picked up as gas prices marched higher due to conflict in the Middle East
U.S. inflation accelerated last month as gas prices spiked in the wake of renewed fighting in the Middle East, underscoring the affordability challenges that are top of mind for many voters with midterm elections now just seven weeks away. The consumer price index rose 3.4% last month compared with a year ago, the Labor Department said Friday , the same as in July. But on a monthly basis,…
U.S. inflation surged last month as gas prices climbed following renewed conflict in the Middle East, highlighting affordability concerns as voters prepare for midterm elections in just seven weeks, according to the Labor Department. The consumer price index increased 3.4% year-over-year, matching the July figure, but rose 0.4% month-over-month, up from a 0.1% increase in July.
This indicates that inflation remains stubbornly high, despite being more than five years since prices surged following the COVID pandemic's end. The Federal Reserve's inflation-fighting efforts have faced challenges, and many voters have become dissatisfied with the Trump administration's economic record. Though core prices (excluding food and energy) rose 2.4% year-over-year in August compared to a year ago, a slight drop from July's 2.5%, core prices increased 0.3% month-over-month, marking the largest rise.
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