US Inflation Accelerated Last Month

WASHINGTON (AP) — U.S. inflation accelerated last month as gas prices spiked in the wake of renewed fighting in the Middle East, underscoring the affordability challenges that are top of mind for many voters as midterm elections near. The Labor Department said Friday that the consumer price index rose 3.4% last month compared with a year ago, the same as in July. But on a monthly basis, inflation accelerated, as costs jumped 0.4% from July to August, up from an increase of just 0.1% the previous month. The figures show that inflation remains stubbornly elevated, more than five years after prices first soared as the economy emerged from the COVID pandemic.