Washington: US inflation accelerated last month as gas prices spiked.
According to Emirates News Agency, the consumer price index rose 3.4% last month compared with a year ago, the Labour Department reported. This was consistent with the rate observed in July. However, inflation showed a faster pace month-to-month as costs increased by 0.4% from July, a notable rise from the 0.1% recorded in the previous month.
Petrol prices experienced a significant jump of 3.9% month-to-month, contributing to one-third of the overall inflation increase in August.