US annual consumer inflation stands at 3.4% in August

Consumer prices in the US rose 3.4% on an annual basis in August, while monthly inflation accelerated to 0.4%, official data showed Friday.

The US Bureau of Labor Statistics reported that the monthly consumer price index gain accelerated following a 0.1% increase in July.

A 3.9% surge in gasoline prices accounted for over one-third of the total monthly increase in overall consumer prices.

The energy index grew 2.1% over the month after falling 1.5% in July, pushing its annual advance to 16.3%.

Core consumer prices, which exclude volatile food and energy items, rose 0.3% in August following a 0.2% gain in the previous month.

On an annual basis, core inflation slowed slightly to 2.4% in August from 2.5% recorded in July.

Food prices ticked up 0.1% over the month and posted a 2.7% increase compared to the same period last year.

Shelter costs increased 0.3% in August, while indexes for communication, lodging away from home, and airline fares also recorded monthly gains.