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U.S. inflation accelerates to 3.7% in August

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— U.S. consumer prices accelerated by more than expected on a yearly basis in August, in a sign of lingering inflationary pressures in the world’s largest economy that may impact the Federal Reserve’s interest rate path for the rest of the year.

The Labor Department’s closely-watched consumer price index (CPI), a measure of price gains, by 3.7% annually during the month from 3.2% in July. , the CPI reading was 0.6%, picking up the pace from 0.2%. Economists had expected the figures to come in at 3.6% and 0.6%, respectively.

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