US inflation jumps to 3.7% in August due to gasoline price spike

Core inflation at 4.3%

US inflation rose steady to 3.7% in August from 3.2% in July, coming in above consensus forecasts of 3.6% as the price of gasoline spiked.

Despite overall inflation rising, the Bureau of Labor Statistics also reported today (13 September) that core inflation saw another month of steady decline, dipping from 4.7% in July to 4.3% in August. Bank of England poised to hike rates again despite UK economic woes The rising price of gasoline accounted for over half the bump to inflation, increasing 10.6% throughout the month. Other energy prices also rose sharply, with the price of fuel oil rising 9.1% in August alone. The cost of shetler was another key contributor to overall inflation, with the shelter index risi...