Inflation picked up last month as gas prices jumped in wake of Iran war
Gas prices jumped 7% in a month to $4.28 a gallon, and the Labor Department said monthly inflation rose 0.4% as energy costs climbed.
- Inflation accelerated last month as gas prices spiked following renewed fighting in the Middle East, intensifying affordability challenges for voters with midterm elections now just seven weeks away.
- Renewed fighting in the Middle East pushed the nationwide average cost of a gallon of gas up 7% from a month ago to $4.28 on Thursday, threatening to spread costs through the broader economy.
- The Labor Department reported Friday that inflation rose 3.4% last month compared with a year ago, while core prices excluding food and energy were 2.4% higher than a year earlier.
- Federal Reserve officials remain split on a potential rate hike at next week's meeting, with Wall Street investors now seeing about 70% likelihood the Fed will increase borrowing costs Sept. 16.
- Amid elevated inflation, President Donald Trump promised $5,000 payments to every American adult if the GOP maintains a majority in Congress, a proposal that could stoke inflation further.
25 Articles
25 Articles
US inflation accelerated last month as gas prices spiked, squeezing Americans’ finances - Boston News, Weather, Sports
WASHINGTON (AP) — 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...
U.S. inflation picked up as gas prices marched higher
WASHINGTON — 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 Korea Times
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, inflation quickened, as costs jumped 0.4% from July to Au…
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