Consumer prices rose 3.4% in August, matching economists’ estimates as the Fed weighs whether to hike benchmark interest rates or hold them steady.
Gas prices spiked 3.9% last month as the Iran War intensified, making them a leading driver of inflation last month.
“Core” inflation, which strips out volatile food and energy prices, was 2.4% on an annual basis, cooling from 2.5% in July. Month over month, it rose 0.3%.
Shelter costs jumped 0.3% from a month earlier, an acceleration from a 0.1% gain in July.