Rising Gasoline Prices Push August Consumer Price Index Higher

US consumer prices increased by the most in more than a year in August amid a surge in the cost of gasoline, but a moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday. The consumer price index increased by 0.6 percent last month, the largest gain since June 2022, the Labor Department said on Wednesday. The CPI had risen 0.2 percent for two straight months. Gasoline prices accelerated in August, peaking at $3.984 per gallon in the third week of the month, according to data from…