The annual inflation rate in the US accelerated for a second straight month to 3.7 percent in August, said Bureau of Labor Statistics Wednesday.
Oil prices have been on the rise in the previous two months, which coupled with base effects from last year, pushed the inflation higher, it added.
“The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase. Also contributing to the August monthly increase was continued advancement in the shelter index, which rose for the 40th consecutive month,” said the Bureau of Labor report.
Meantime, US President Joe Biden affirmed, “Overall inflation has fallen substantially over the last year, but I know last month’s increase in gas prices put a strain on family budgets.” “That’s why I remain laser-focused on cutting energy costs, including by investing in clean energy to bolster our energy security,” he added.
Source: Kuwait News Agency