US inflation in August rose to 3.7% amid sharp increase in energy prices

Growth in prices still remains far below the decades-high inflation rates that were seen last summer, when rate peaked at 9.1% in June

US inflation in August rose for the first time since June 2022, rising to 3.7% as a sharp increase in energy prices pushed prices up toward the end of the summer.

Growth in prices still remains far below the decades-high inflation rates that were seen last summer, when the rate peaked at 9.1% in June. Still, an increase in inflation means the US economy is further from the Federal Reserve's target rate of 2% and will probably make officials consider pushing interest rates up later this year.