Inflation in the United States remained unchanged in August, holding steady at an annual rate of 3.4%, according to the latest Consumer Price Index report from the Bureau of Labor Statistics. The figure aligns with economists' expectations and matches the rate observed in July. On a monthly basis, the index saw an increase of 0.4%.
The report, which is the final inflation data released before the Federal Reserve's next interest-rate decision, indicates persistent price pressures. The annual inflation rate remains significantly above the Federal Reserve's target of 2%.
Core CPI, a metric that excludes the volatile categories of food and energy to provide a clearer view of underlying inflation trends, rose by 0.3% over the month. This marks a slight uptick from previous estimates, which had projected a 0.2% increase. On an annual basis, core CPI increased by 2.4% over the past 12 months.
Energy prices contributed to the overall inflation figure, with gasoline prices continuing their upward trend, rising by 3.9% in August. This category alone accounted for more than one-third of the total inflation rate for the month. The national average price for gasoline has remained above $4 a gallon.