HomeFinancial MarketsInflation and Oil Embark on Simultaneous Surge

Inflation and Oil Embark on Simultaneous Surge

Data released by the Bureau of Labor Statistics on Wednesday morning revealed that consumer prices rose in August. The Consumer Price Index (CPI) rose 0.6% on a month-over-month basis and by 3.7% compared to August last year. These increases were largely driven by a surge in energy prices.

Core prices, which exclude volatile food and gas costs, rose by 4.3% in August compared to the previous year, marking a slowdown from the 4.7% annual rise experienced in July. On a monthly basis, core prices rose 0.3%, outpacing July’s 0.2% rise.

Oil prices also embarked on a rampant rise, with U.S. benchmark West Texas Intermediate jumping to a price just below $89 per barrel. Brent crude futures were priced at over $92 per barrel; its highest level since November 2022. Like consumer prices, oil was also driven upwards by the rise in energy costs.

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