U.S. Inflation Accelerated in August as Gas Prices Spiked — SkimNews
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- U.S. inflation accelerated last month as gas prices spiked, squeezing Americans' finances, according to PBS reporting on the latest CPI data.
- Federal Reserve interest rate hike in September is all but guaranteed after the August CPI report, economists told CBS News, with CNBC noting the persistent inflation effectively locks in the move.
Why it matters: American households are paying more at the pump right now, and with the Fed now all but certain to hike rates in September, borrowing costs on mortgages, credit cards, and auto loans are about to climb further on top of that gas-price pain.
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