US inflation accelerated to 3.7%, higher than expected
Gasoline costs accounted for about half of the increase. This value could affect the Federal Reserve’s decision on the direction of interest rates.
Mike Segar/Reuters
US inflation rose higher than expected in August, leaving the door open for further interest rate hikes by the US Federal Reserve, which meets next week.
The Consumer Price Index (IPC) accelerated to 3.7%, higher than the 3.2% recorded in July and more than the 3.6% that analysts had expected.
The increase in the CPI is due to chicken costs, which account for nearly half of inflation.
Core inflation, which excludes energy and food prices, which are the most volatile, rose 0.3% from July – the first time in six months that this rate has accelerated. On an annual basis, this inflation rose by 4.3%, in line with estimates and representing the smallest increase in almost two years.
Inflation is a basic indicator for the Federal Reserve to make its decisions regarding interest rates, as its rise is considered a tool for lowering prices. Since March 2022, the Fed has raised interest rates 11 times with the goal of keeping inflation below 2%.
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