The consumer price index (CPI) in the United States remains at 3.4% year-on-year, which increases pressure on the Federal Reserve to consider a rate hike. The data was published by the Bureau of Labor Statistics.
The consumer price index in the United States held steady at 3.4% year-on-year in August, according to the Bureau of Labor Statistics. This figure reflects a monthly increase of 0.4% compared to the previous month, intensifying pressure on the Federal Reserve for a possible rate hike at its next meeting.
The growth in inflation is driven by rising fuel prices, particularly the price of gasoline, which has surpassed 4 dollars. The situation is complicated by the escalating oil prices due to the conflict between the United States and Iran in the Strait of Hormuz. The energy price index has increased by 16.3% over the past year, with a 27.4% rise in gasoline prices.
In comparison, the price of food has risen by 2.7%, representing a slowdown compared to July. The core price index, which excludes energy and food, has shown a slight decrease, standing at 2.4% year-on-year.
Members of the Federal Open Market Committee (FOMC) of the Federal Reserve will meet next Tuesday and Wednesday to assess this data and decide on interest rate policy.
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