Gasoline Prices Jump Again as Inflation Rises 3.4% in August
Gasoline prices drove more than a third of the monthly increase as core inflation eased to 2.4%, leaving Federal Reserve policymakers to weigh rates.
- Inflation rose 3.4% from a year ago in August, with rising gasoline prices accounting for more than a third of the monthly increase, according to the Bureau of Labor Statistics report released Friday.
- Energy costs continue to climb, fueled by the ongoing war with Iran and shrinking oil supplies that pushed fuel prices higher last month. Fuel oil rose 10.1%, erasing July's 1.7% decline.
- Cellphone services increased 5.9% while fuel oil rose 10.1%, and computers jumped 3.8% and airline tickets climbed 2.7% from July. Brent crude topped $100 and diesel hit an all-time high of $6 per gallon.
- The inflation report serves as the final economic indicator before next week's Federal Reserve meeting, where policymakers must decide whether to raise interest rates. This timing adds urgency to the decision.
- Stripping out volatile energy and food costs, so-called "core" inflation dipped to 2.4% in August, a slightly smaller annual increase than the previous month. This suggests underlying price pressures may be moderating.
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U.S. Inflation Hits 3.4% in August 2026 as Gas Prices Jump 27.4%
The FINANCIAL – U.S. inflation accelerated on a monthly basis in August, with gasoline prices providing a major boost to the overall Consumer Price Index, while annual inflation remained at 3.4%. The Consumer Price Index for All Urban Consumers rose 0.4% in August on a seasonally adjusted basis, up from a 0.1% increase in July, according to the U.S. Bureau of Labor Statistics. Over the 12 months through August, the all-items CPI increased 3.4%,…
The consumer price index rose by 3.4% over one year in August, the same high pace as in July.
The most recent peak in the CPI was recorded last May, when it jumped to 4.2%, the highest level since April 2023.
U.S. inflation remains at 3.4% in August report - The Daily Bo Snerdley
(The Center Square) – U.S. inflation rose by 0.4% in August for an annual rate of 3.4%, keeping in track with July’s data, according to a new report from the U.S. Bureau of Labor Statistics. The index for gasoline rose 3.9% during the month, accounting for more than one third of the monthly items increase. Energy overall increased by 2.1% and the shelter index rose by 0.3%. The index for food increased 0.1% over the month and rose 0.3% for all…
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