August price increases prompt rate concerns

U.S. consumer prices increased 0.4% in August, driven by a 3.9% rise in gas prices due to rising oil costs amid the Iran conflict. Year-over-year inflation reached 3.4%, surpassing wage growth and prompting expectations of a potential Federal Reserve interest rate hike at its September meeting. Gas prices averaged $4.30 per gallon nationally, up significantly from the previous month and year.

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