Consumer prices in the United States increased the most in 14 months as a result of rising petrol prices

In August, US consumer prices surged the most in 14 months, owing to a spike in petrol costs, but the annual gain in underlying inflation was the smallest in over two years.

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The consumer price index (CPI) rose 0.6% last month, the most since June 2022, after climbing 0.2% for two months in a row, according to the Labour Department on Wednesday.

The CPI increased 3.7% in the year to August, after increasing 3.2% in July. Year on year, consumer prices have fallen from a high of 9.1% in June 2022.

According to Reuters, petrol prices rose 10.6%, accounting for more than half of the increase in the CPI. Food prices increased 0.2% for the second month in a row. Food prices grew 0.2% in July, slowing from the 0.3% increase in June.

Despite the largest increase in consumer prices in a year, the mixed US inflation figures boosted predictions that the US Federal Reserve will keep interest rate hikes on hold next week.

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