Inflation rose to 3.7% for the year ended August, the second increase after a full year of declines, driven largely by rising gas prices.
The increase, reported Wednesday by the Bureau of Labor Statistics in an update to the consumer price index, is bad news for President Joe Biden, who has been trying to reassure voters that he is curbing the pressures of prices, and for the Federal Reserve, which has maneuvered desperately to reduce inflation over the past year.
In month-on-month terms, inflation increased by 0.6%, in line with expectations.
It is important to note that the main factor that caused the number of headlines to grow was gasoline prices. Gas prices rose more than 10% between July and August alone, accounting for more than half of the total price increase.
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